The Closer Economic Partnership Arrangement offers unprecedented opportunities for European companies, according to members of the HK/EU and EU/HK Business Cooperation Committees, who held their fifth plenary meeting in Hong Kong today (26 March).

The meeting was chaired jointly by Mr 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 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.

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Members of EU/HK Business Co-operation Committee who attended the fifth plenary meeting:

Mr. Rod Eddington (Chairman)
Chief Executive British Airways
plc

Mr. Alessandro Daneu
Chairman
Vitrum Lux

Dr. Gunter Dunkel
Member of the Board
Norddeutsche Landesbank Girozentral

Mr Jerry Hsu (proxy for Mr Uwe R Dorken)
Regional Director Greater China and Korea
DHL Express

Mr. Jens Jacob Raun
Senior Vice President
A P Moller (Maersk)

Mr Gregory Shenkman (proxy for Sir David de Rothschild)
Managing Director
Head of Investment Banking, Asia
N M Rothschild Group

Mr. Michael Treschow
Chairman
Telefonaktiebolaget LM Ericsson

Members of HK/EU Business Co-operation Committee who attended the fifth plenary meeting:

Dr. Victor K. Fung (Chairman)
Chairman
Li & Fung Group

Mr. Christopher Cheng
Chairman
Wing Tai Corporation Ltd.

Dr. William K. Fung
Group Managing Director
Li & Fung Ltd.

Mr. Hans Michael Jebsen
Chairman
Jebsen & Co., Ltd.

Mr. George Magnus (proxy for Mr. Victor T.K. Li)
Deputy Chairman
Cheung Kong (Holdings) Ltd.
Executive Director
Hutchison Whampoa Ltd.

Mr. Alasdair Morrison
Chairman and CEO
Morgan Stanley Dean Witter Asia Limited

Mr. James Riley
Director
Jardine Matheson Ltd.

Mr. Jack So
Deputy Chairman and Group Managing Director
PCCW

Mr. Allan Wong
Chairman
Vtech Holdings Ltd.

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