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Hong Kong, Macau Agree Outline Of New Trade Treaty

by Mary Swire, Tax-News.com, Hong Kong

18 July 2016


The Hong Kong-Macao Closer Economic Partnership Arrangement was initialed on July 15.

The draft agreement was endorsed at the Ninth Hong Kong Macao Co-operation High Level Meeting, attended by Hong Kong's Financial Secretary, John Tsang, and Macao's Secretary for Economy and Finance, Lionel Leong.

Discussions on the CEPA were launched in November last year. While both Hong Kong and Macao do not apply any tariffs on imports, they will still seek to bind their existing tariff-free regimes within the new agreement, providing legal certainty on the tariff-free movement of goods between the two places.

While the CEPA needs not cover preferential rules of origin, as Hong Kong and Macao are free ports, both sides are seeking to minimize non-tariff barriers and avoid imposing trade remedy measures, including anti-dumping duties and countervailing measures, to further reduce obstacles to trade between the two places.

In addition, the CEPA is to unlock better market access and more predictability for services and service suppliers; and boost the liberalization, protection, promotion, and facilitation of investments.

Hong Kong and Macao have each entered into a separate CEPA with Mainland China. After the establishment of the HK-Macao CEPA, the three places may build upon those pacts to establish a new, common platform to advance the further liberalization and facilitation of trade and investment in the "Greater China" region.

TAGS: Finance | investment | tariffs | anti-dumping | China | Macau | Hong Kong | trade | services | Economy

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