Multilateralism has all along been the cornerstone of Hong Kong's economic and trade policy, a Hong Kong trade official said on Thursday.

Raymond Young, director-general of trade and industry added that the regional trade agreements will remain at best a supplement to the benefits that Hong Kong can gain from a truly open multilateral trading system.

He made the speech at the WTO (World Trade Organization) and Greater China Economic Area Law Conference which held Thursday.

"For a place like Hong Kong where trade accounts for almost three times our GDP, we certainly have a strong interest in liberalizing global trade, and I do not see any other vehicle which can work as efficiently as the WTO in the promotion and protection of our trade interest," Young said.

Hong Kong has tried its best to contribute to the work of the WTO by being the bridge between different camps and putting forward honest and practical recommendations that stand a chance of being accepted by all members.

The city also pledges it's full support to the WTO by offering to host the 6th Ministerial Conference in Hong Kong in December.

Commenting on the conference, Young said WTO members have to attain substantial outcomes at the conference if they are to achieve the objective of a timely and successful conclusion to negotiations under the Doha Development Agenda by 2006.

"An early and successful conclusion of the Doha Round will help restore confidence in the multilateral trading system," Young said.

On regional trade agreements, he said Hong Kong recognized that high standard and WTO-consistent regional trade agreements did contribute to global trade liberalization by providing better market access and creating a more favorable business environment among the parties.

He said it was with these considerations in mind and in response to the requests of Hong Kong's business community that the Closer Economic Partnership Arrangement (CEPA), the first ever regional trade agreements signed between the Chinese mainland and Hong Kong, was concluded.

Young said Hong Kong and the mainland have taken extra care to ensure CEPA will be fully consistent with WTO requirements on regional trade agreements.