“With the shifts in economic power from the West to the East, Asean and the whole of Asia will become the world’s largest economic engine. We have signed a free-trade agreement with Asean, so we already have very good foundations.”

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Lee underlined the importance of the trip and said the delegation was in “high spirits” and ready to embrace every opportunity to promote Hong Kong as a place for business.

Asean, which has a population of more than 660 million, was Hong Kong’s second largest trading partner last year, with total merchandise trade amounting to HK$1.29 trillion, accounting for 13.7 per cent of the city’s total, according to Trade and Industry Department figures.

“Joining RCEP not only benefits Hong Kong but also allows us to contribute to [regions under] RCEP,” Lee said.

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One year with Hong Kong leader John Lee: Is he on the right track? | Talking Post with Yonden Lhatoo

One year with Hong Kong leader John Lee: Is he on the right track? | Talking Post with Yonden Lhatoo

He added the city was working on different aspects to strengthen its competitiveness, including developments in eight key areas under China’s 14th five-year plan.

The “eight centres” outlined in the plan cover international finance, innovation and technology, cultural exchange, trade, shipping, aviation, legal and dispute resolution services, and intellectual property.

“I believe that after establishing a good foundation, the chances of joining RCEP are high and I will strive for support from different countries,” Lee said.

Singapore, Indonesia and Malaysia had all expressed their backing in the past and the trip would be used to consolidate their support, he added.

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Lee’s trip is his second visit to Asean countries since he took office last July.

He was greeted on arrival in Singapore on Sunday by top officials, including Sim Ann, the senior minister of state for foreign affairs and senior minister of state for national development, and Ong Siew Gay, the consul-general of Singapore in Hong Kong.

He also met Sun Haiyan, the Chinese ambassador to Singapore.

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Gary Ng Cheuk-yan, a senior economist for Asia-Pacific at Natixis Corporate and Investment Bank, said he did not expect the trip to produce many concrete results.

“The trip shows Hong Kong wants to diversify and build a close relationship with Asean, a region with higher potential growth than mainland China in the next two decades and a winner from geopolitics due to supply chain reshuffling,” he said.

“However, the trip is likely to be symbolic rather than bringing an immediate real impact, especially as there is unlikely to be any progress on the accession to RCEP.”

Ng also cast doubt on whether closer cooperation between Hong Kong and Singapore could be achieved easily. “The relationship between Hong Kong and Singapore is increasingly competitive rather than complementary,” he said.

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Professor Terence Chong Tai-leung, executive director of the Lau Chor Tak Institute of Global Economics and Finance at Chinese University, said although the two cities were competitors, businesses in both places were still interested in making money.

Among the Asean states, Singapore was Hong Kong’s biggest trading partner last year, with Malaysia third and Indonesia sixth.

Lee and his delegation will travel to the Indonesian capital Jakarta on Tuesday and head to Malaysia’s Kuala Lumpur on Thursday.