Multinational Firms Rush To Take Advantage Of CEPA Agreement
According to reports in the regional media, multinational companies are rushing
to take advantage of the Closer Economic Partnership Arrangement (CEPA) between
Hong Kong and the Chinese mainland, as the January 1 deadline draws closer. Earlier this week, the Hong Kong government announced that the Trade and Industry
Department, in parallel with five government approved certification organisations,
will begin accepting applications for Certificates of Hong Kong Origin (which
are required in order to benefit from the tariff exemption between the mainland
and Hong Kong on certain goods) from today. The five approved certification organisations are the Hong Kong General Chamber
of Commerce, the Federation of Hong Kong Industries, the Chinese Manufacturers'
Association of Hong Kong, the Indian Chamber of Commerce and the Chinese General
Chamber of Commerce. Speaking to the South China Morning Post on Monday, US law firm, Baker &
McKenzie revealed that it is helping around 10 "huge multinationals"
obtain CO(CEPA) certificates, as they are known. "They are excited about it and (are) pushing us to get started as quickly
as possible," the firm explained. .
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