Mainland and Macao sign supplementary agreement to CEPA

The Macao Special Administrative Region Government and the Central People's Government today (21 October) signed a supplementary agreement to further liberalising the scope of the Mainland and Macao Closer Economic Partnership Arrangement (CEPA).
The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, and the Vice Minister of Commerce, Mr Liao Xiaoqi, signed the agreement and two appendices this afternoon, after the High Level Meeting of the Joint Steering Committee under CEPA. Under the supplementary agreement, the Mainland will give all products of Macao origin tariff free treatment starting next year, upon the CEPA rules of origin (ROOs) being agreed and met. In addition, The ROOs for 91 products covered under this phase of CEPA have already been confirmed, making the total of Macao-origin products enjoying tariff free treatment to 600. The 91 products were proposed by Macao enterprises, mainly in the categories of textiles (47 products), metal wares (11 products) and plastic materials (10 products). Other products include spectacles frames, spirit, water and foodstuff. On the trade of service, new liberalisation measures would be applied to nine areas which are already open to operators in Macao, including legal, accounting, audio-visual, construction, distribution, banking, tourism, transport and individual owned stores. Meanwhile, The total number of areas opened to operators from Macao remains at 26. Mr Liao Xiaoqi said after the signing ceremony that this would further promote the economic development between Macao and the Mainland. As the agreement was open, further liberalisation would be considered in accordance to the development in the future. Mr Francis Tam Pak Yuen said that CEPA provided an outlook for the diversification of Macao’s economy and an open agreement meant there was no limit to new development. He urged Macao businessmen to look for more opportunities in the Mainland prescribed by the CEPA.