At a ceremony in Hong Kong earlier this week, Financial Secretary Henry Tang and Chinese Vice-Minister of Commerce An Min signed six documents that set out the implementation details of the CEPA (Closer Economic Partnership Agreement) due to go into force in January next year.
The main feature of the agreement is the elimination of tariffs on 273 classes of goods imported from Hong Kong in the initial stage of the deal with further tariffs erased by 2006. The documents also finally set out the definition of Hong Kong service suppliers.
"We believe that the zero import tariff preference will make it more attractive to undertake in Hong Kong manufacturing of brand name products, or manufacturing processes with high value-added content or substantial intellectual property input," commented Henry Tang.
"It is now up to our private sector to realise the potential benefits of Cepa," added the Financial Secretary.
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