HONG KONG (BLOOMBERG) - Hong Kong hopes to be part of the first group of economies to join the Regional Comprehensive Economic Partnership (RCEP) after the agreement takes effect, Financial Secretary Paul Chan said in a blog post on his website on Sunday (Nov 22).

The total bilateral trade between Hong Kong and the 15 member states of RCEP accounts for 71 per cent of Hong Kong's total trade in goods, Mr Chan wrote.

"Joining the RCEP agreement will benefit trade in services and investment."

On Nov 15, Asia-Pacific nations including China, Japan and South Korea signed the world's largest regional free-trade agreement, encompassing nearly a third of the world's population and gross domestic product.

China supports Hong Kong joining the RCEP.

The signing of the RCEP paves the way for a reduction in trade barriers at a time that the Covid-19 pandemic pose challenges to global commerce. The RCEP deal may support a relatively faster recovery for its members, particularly China, according to Bloomberg Economics.