Hong Kong has been actively applying to join the Regional Comprehensive Economic Partnership (RCEP), said Financial Secretary Paul Chan on Thursday.

Joining the RCEP will not only strengthen the economic, trade and investment ties between the Hong Kong Special Administrative Region (HKSAR) and RCEP member economies, but also help the financial hub further integrate into the regional economy and help local companies to open up regional markets, Chan said via video link at a summit organized by Caixin on regional economic challenges and solutions.

"In the past, Hong Kong has always paid more attention to traditional markets such as Europe and the United States," said Chan, adding the financial hub will expand markets on the Chinese mainland, Southeast Asia, other developing areas in Asia and countries along the Belt and Road.

RCEP, the world's biggest free trade agreement (FTA), was signed by 15 members last November, covering nearly a third of the global population and about 30 percent of global GDP.

Initiated by the Association of Southeast Asian Nations (ASEAN) in 2012, RCEP is a proposed FTA between the 10 ASEAN member states and their six FTA partners, namely China, Japan, South Korea, Australia, New Zealand, and India who was involved in earlier discussions but opted out in 2019.

Later on Thursday, China's Ministry of Commerce said it supports the HKSAR to join the RCEP as early as possible.