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Multinational Firms Rush To Take Advantage Of CEPA Agreement

by Mary Swire, for LawAndTax-News.com, Hong Kong

30 December 2003


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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