Hong Kong a natural champion of open trade and transparency
Hugo Swire says Britain supports the city's plan to expand its role as a connector in the region
This week has seen Britain host the G8 summit as part of its presidency, which is focused on the "3 Ts": fairer taxes, freer trade and greater transparency.
These are critical issues for global prosperity, jobs and sustainable development. They are mutually reinforcing. We need to work towards common international approaches on these issues, and the G8 can add momentum.
The G8 will contribute to global action to bring international tax rules into the 21st century. The rules have not changed for nearly a century and are failing to ensure that global companies pay a fair share. People expect nothing less.
Trade is of course a crucial driver of growth, yet there are still too many barriers in the global system. As developed economies, the G8 has a responsibility to resist protectionism and support an open, rules-based system.
We are also using our G8 presidency to put a new and practical emphasis on transparency, accountability and open government. We want the G8 to work together with developing countries to prevent money laundering, stamp out bribery and corruption, and increase capacity building for the collection of revenue. These are key building blocks for economic development.
I am certain this agenda will resonate in Hong Kong and provide momentum on areas of shared interest. As Chief Executive Leung Chun-ying said at the Boao Forum for Asia, free trade is in Hong Kong's DNA.