Chairman of HK/EU Business Cooperation Committee Dr Victor Fung with Chairman of the EU/HK Business Coperation Committee Rod Eddington
Members of the HK/EU & EU/HK Business Cooperation Committee discuss Cepa opportunities at the 5th plenary meeting

The meeting was chaired jointly by Rod Eddington, Chairman of the EU/HK Business Cooperation Committee and Chief Executive of British Airways plc, and Dr Victor K Fung, Chairman of the HK/EU Business Cooperation Committee and the Li & Fung Group.

"The EU is one of Hong Kong's most important trading partners. We are providing an all-important base for European companies to tackle China and the whole region," said Dr Victor Fung. "The greater Pearl River Delta (PRD) is forming into a major economic entity and a business platform, which will be extremely helpful to European companies. Against this backdrop, and developments with Cepa and other economic developments in China, we are beginning major period of prosperity in terms of HK - EU relations."

"Cepa provides greater opportunities for European companies in China through Hong Kong - it is very exciting," said Rod Eddington, Chairman of the EU/HK Business Cooperation Committee. "China's commitment to WTO is clear, and Cepa goes even beyond those obligations. This agreement ensures that Hong Kong remains a pre-eminent focal point for those who are committed to China."

The Committees comprise the leaders of major companies in Hong Kong and the European Union, and their aim is to promote and expand trade, investment, tourism and understanding between the two business communities.

European members were updated on Hong Kong's post-Sars economic rebound. The strong revival of tourism, resurgent stock and property markets and recent significant developments in Hong Kong's financial markets were discussed.

Permanent Secretary for Commerce, Industry and Technology Denise Yue, a guest speaker at the plenary meeting, briefed members on the latest progress on Cepa and further plans for progress.

European members briefed their Hong Kong counterparts on the implications of the Euro exchange rate and forthcoming fiscal discipline reforms in the EU countries. They also reviewed progress on EU enlargement into Eastern Europe and the Mediterranean. Hong Kong members were keen to learn about new opportunities within the EU as a result of these developments.

The Committees agreed to convene the 6th plenary session in Europe next year.