In examining its feasibility, we will review the trend of port cargo growth and the competition that the port rail line might bring to other modes of freight transport. The Hong Kong Port and Maritime Board was established in June 1998 to advise Government on measures to strengthen Hong Kong's position as an international shipping and maritime centre and a leading port in Asia. Members of the Board and its working committees consist of experienced shipowners, ship managers, port terminal operators, bankers, brokers, insurers and maritime lawyers. The government will continue to work closely with the Port and Maritime Board and the maritime community to enhance the business environment and to make it more attractive for shipowners to invest in Hong Kong, and to make our port more user friendly and efficient. In this connection, I should mention that I initialled a double taxation avoidance agreement on shipping with the Government of the Netherlands yesterday to provide further tax benefits to shipowners based here.
More agreements are on the way.
Similarly, the Airport Authority will work closely with its business partners and the Government to further improve the airport services and facilities. We will continue to expand our air links by negotiating new air services agreements in addition to the 37 agreements we have already signed. We will also progressively expand traffic arrangements with our existing aviation partners. We have a vibrant domestic market, but our primary status as a cargo hub port is derived from our economic relationship with the Mainland. Hong Kong is the Mainland's largest investor and third largest trading partner.