In May, Premier Li Qiang, the South Korean President and the Japanese Prime Minister resumed three-way talks in Seoul after a four years lull. Speculations are rife that the last remaining hurdle obstructing Hong Kong from obtaining unanimous support from member states to join and contribute to the Regional Comprehensive Economic Partnership (RCEP) is being cleared.
As a highly interdependent community of common destiny, we all have a stake in each other’s future. The inclusion of Hong Kong in RCEP is a win-win for all. The benefits of Hong Kong joining RCEP extend not only to the RCEP parties but also companies in non-RCEP countries, utilizing Hong Kong as a springboard for opportunities and growth.
Despite the many advantages of RCEP, there are criticisms concerning the absence of a binding dispute settlement system. Fortunately, AALCO-HKRAC offers a potential solution. It is noteworthy that all 15 RCEP member states also hold membership or observer status of AALCO, making the dispute resolution system more reliable.
Realizing the Potential of RCEP through Hong Kong
