Macao and China’s mainland have signed a new agreement under the framework of the Closer Economic Partnership Arrangement (CEPA), further liberalizing trade in services. The new deal, signed here on Saturday [28 November 2015], will further expand the total areas of the mainland economy that are fully or partially open to Macao providers of services to 153 sectors, covering 95.6 percent of the areas officially recognized and classified by the World Trade Organization…Full Article: ECNS.cn Nov 2015
- On 1 June 2016, the updated Macao-China CEPA agreement will go into effect.
- On 1 June 2016, an updated Hong-Kong CEPA agreement will come into effect.
- In October 2015, it was announced that Hong Kong and Macau would negotiate their own separate CEPA agreements with mainland China.
- In 2001 there was concern that China’s accession to the World Trade Organization (WTO) would undercut Hong Kong’s lucrative trade relations with the mainland. The worry was that WTO member states would be able to out-compete Hong Kong for the Chinese import market once China agreed to lower its import tariff regime in line with WTO membership requirements. In order to shore up Hong Kong’s status as a trade hub, China and Hong Kong signed the Closer Economic Partnership Arrangement (CEPA) in 2003, an agreement that laid the groundwork for a zero-percent import tariff rate between the two systems. CEPA guaranteed that commercial trade between Hong Kong and the mainland took precedence over any foreign agreements that could potentially disrupt the one country, two systems principle.