LettersGlobal trade is going digital. Hong Kong must not miss the boat

Readers discuss the urgent need to legalise electronic records in trade, faster immigration clearance for Hongkongers, and thinking beyond a two-state solution to the Israeli-Palestinian conflict

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Gantry cranes in operation at the Kwai Tsing Container Terminals at dusk in Hong Kong on March 13. No longer the world’s busiest port, Hong Kong must make the right call now to retain its competitiveness in trade. Photo: Bloomberg

Published: 11:30am, 18 Nov 2023

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We refer to the article, “At an economic crossroads, Hong Kong needs a proactive strategy” (November 5). Kudos to Anthony Cheung, and many others, for their calls for a clear economic growth strategy that will enable Hong Kong to retain its international competitiveness. Digital trade should be part of the answer.

Hong Kong’s record as a centre of trade and logistics for goods flow in and out of China in the past is undisputed. But we are at a turning point: as China has opened up, international business can go direct, and Shanghai and Shenzhen have long surpassed Hong Kong in port volume. And yet, Hong Kong can still have a future as an intermediary if we understand supply chain shifts correctly.

Today’s supply chains are transforming to deliver speed, traceability, sustainability and flexibility, all of which rely on greater use of digital technologies throughout the trade process.

Of course, Hong Kong’s single-window customs clearance and eTradeConnect were early entrants in their fields. But the bar is rising fast, and Hong Kong must actively invest in digitally driven growth. Others certainly are.

Singapore has already demonstrated secure paperless trade transactions with mainland China, the United Kingdom and Thailand. The UK has passed the Electronic Trade Documents Act which allows the use of electronic records in place of paper ones. France is ready to table similar legislation to strengthen its trade and finance sectors.