Macau was a Portuguese overseas territory until 1999, when it was handed over to the People's Republic of China (PRC). Macau is a Special Administrative Region (SAR) of the PRC, as same as Hong Kong.

Macau was a Portuguese overseas territory until 1999, when it was handed over to the People’s Republic of China (PRC). Macau is a Special Administrative Region (SAR) of the PRC, as same as Hong Kong.

Closer Economic Partnership Arrangement between HK & Macau can further enhance economic co-operation and development between both places and Mainland China.

The Hong Kong government announced on 9 October 2015 that Hong Kong will negotiate the establishment of Free Trade Agreement (FTA) with the Macao government, namely a Hong Kong and Macao Closer Economic Partnership Arrangement (HK-Macao CEPA). The agreement aims to further enhance the two places’ economic co-operation and development.

The arrangement will cover mutual commitments including: binding zero-tariff, minimising non-tariff barriers, avoiding trade remedies, customs facilitation, liberalisation of trade in services, and dispute settlement mechanism.

Both HK and Macao have entered into a separate CEPA framework with the Mainland China. When the HK-Macau CEPA is established, three places will be brought on a common platform to further facilitate trade and investment in the Greater China region.

Hong Kong Government announced that Hong Kong and Macao will soon commence negotiations on a free trade agreement (FTA), namely the Hong Kong and Macao Closer Economic Partnership Arrangement (HK-Macao CEPA).

“Establishing the HK-Macao CEPA would further enhance economic co-operation and development of the two places. At present, Hong Kong and Macao have each entered into a separate CEPA with the Mainland. After the establishment of the HK-Macao CEPA, the three places may build upon those CEPAs to establish a new, common platform to advance further liberalization and facilitation of trade and investment in the ‘Greater China’ region,” the Government spokesperson said.

The HK-Macao CEPA will cover the following key elements:
a. commitment to bind tariff at zero;
b. minimizing non-tariff barriers and avoiding imposing trade remedies including anti-dumping, safeguards, and countervailing measures;
c. customs facilitation procedures;
d. liberalization and facilitation of trade in services;
e. liberalization, protection, promotion and facilitation of investment;
f. co-operation in the area of intellectual property; and
g. legal and institutional arrangements and dispute settlement mechanism.

Source: AA Stocks News

More Related News:

  • New CEPA agreement signed between HKSAR-ChinaNovember 27, 2015 New CEPA agreement signed between HKSAR-China The new agreement on Trade in Services effective now and will be implemented on 1 June 2016. The Agreement on Trade in Services (the Agreement) is signed between the HKSAR and the […]
  • Macau Sept gambling revenues fall by most in 5 yrs on China anti-graft driveOctober 7, 2014 Macau Sept gambling revenues fall by most in 5 yrs on China anti-graft drive Macau’s casino junket operators are feeling the squeeze as China’s anti-corruption drive has blown a hole in the world’s biggest gambling hub. Some are shifting players elsewhere, like the […]
  • Surprise surge for China’s tradeOctober 14, 2014 Surprise surge for China’s trade China's September trade data exceed expectations. Underlying momentum in export growth is a bit less impressive than the headline number suggests because China had a very weak base 12 […]
  • HK’s top jewelry chain will close four local storesJuly 10, 2015 HK’s top jewelry chain will close four local stores Chow Tai Fook suffered from 24% YOY drop on same-store sales benchmark in Q2. Chow Tai Fook Jewellery Group Ltd (01929.HK), 92 stores in Hong Kong and 20 stores in Macau , confirmed to […]