Free trade ports key to region's growth

Free trade ports can drive connectivity and opening-up forward especially in a changing world where geopolitical shifts, poverty and even supply chain disruptions prevail, as emphasized by guests and experts participating in the Free Trade Port Development session on Tuesday under the 2025 Boao Forum for Asia.

Ban Ki-moon, chairman of Boao Forum for Asia, said the impressive participation at the 2025 forum shows how important promoting free trade is, especially in a turbulent world where unfair trade caused by protectionism is rising. This is why it is essential to develop free trade ports to deepen global connectivity and cooperation, he added.

Promoting the growth of free trade ports can help Asia, now an engine of global growth, to promote multilateralism and reject protectionism, stressed John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region, at the conference.

"Hong Kong is a global city that thrives on connecting the world. For over a century, Hong Kong has thrived as a free port. Now an international financial, shipping and trade center, Hong Kong is celebrated for its strategic location and world-class connectivity," Lee said at the conference.

Arancha Gonzalez, former Spanish foreign minister, said at the conference that free trade zones are playing a healthier role today in addressing global risks and challenges, particularly in countering the rise of trade protectionism and fostering sound global economic growth.

Leong Vai Tac, former secretary for economy and finance of the government of Macao Special Administrative Region, said during the conference that in addition to Hong Kong, Macao is also a global trade hub and an important free trade port, a fact that was mentioned several times by guests on stage. Macao is actively expanding its global network and working hard to attract businesses from around the world to invest, including companies from Africa and Latin America, and is already achieving positive results, he added.

Pei Sai Fan, adjunct professor of the National University of Singapore and former founding director of MAS Academy of Singapore, told China Daily that both Hong Kong and Singapore are world-class free trade ports, with Singapore primarily serving ASEAN and Hong Kong mainly connecting the world through the mainland. Rather than competing, the two can enhance cooperation and connectivity, as collaboration will lead to greater development for both, he stressed.

mikegu@chinadailyhk.com