As the US continues to impose additional tariffs on many mainland imports, Hong Kong traders are looking to cushion the impact by actively shifting some of their production or procurement bases to Association of Southeast Asian Nations (ASEAN) countries that benefit from America’s Generalized System of Preferences (GSP).
The Hong Kong Trade Development Council (HKTDC) organised a seminar titled “Sino-US Trade Dispute: How the US GSP Programme Fits in the Supply Chain Strategy” on 16 August at the Hong Kong Convention and Exhibition Centre (HKCEC), with HKTDC Assistant Principal Economist (Global Research) Louis Chan as the moderator.
Sally Peng, Asia Pacific Practice Group Leader at the law firm Sandler, Travis & Rosenberg Ltd, and Henry Fung, a Manager with the firm, provided practical tips to help local companies take advantage of the zero or low tariffs offered to developing countries by the US.
Leanne Ma, Senior Administrative Officer (Industries Support) from the Trade and Industry Department of the Hong Kong Special Administrative Region (HKSAR), introduced enhancement measures for the Dedicated Fund on Branding, Upgrading and Domestics Sales (BUD Fund), while Band Yeung, Assistant General Manager at the Hong Kong Export Credit Insurance Corporation, briefed participants on the special enhanced measures to help local exporters cope with rising credit risks amid the current uncertainties.
More than 100 representatives from local small and medium-sized enterprises (SMEs) joined the seminar.
Optimising supply chain through GSP
ASEAN countries such as Cambodia, Indonesia, Myanmar, the Philippines and Thailand benefit from the GSP….