Macau, China, 31 July – The Macau authorities and China Wednesday in Macau signed the fifth supplement to the agreement for boosting economic and commercial relations, the Closer Economic Partnership Arrangement (CEPA).
The new supplement to the agreement includes the areas of retail services and making trade and investment easier, which will, as of 2009, make it possible to introduce sectors such as services related to mining and scientific technology consulting services.
The addendum to the agreement was signed by the Macau secretary for the Economy and Finances, Francis Tam and China’s deputy Trade Minister, Jiang Zenwei, who noted, after the ceremony, that, “there are new measures to be established that will contribute to greater cooperation between the two parties.”
The Closer Economic partnership Arrangement (CEPA) between mainland China and Macau has been in place since January 2004 and aims to contribute to boosting economic and commercial relations between China and Macau.
CEPA is applied to three areas: sale of goods, services and cooperation for investment. In the case of goods, the agreement allows the sale of products from Macau to mainland China without paying taxes. Thus, a foreign investor who wants to set up in Macau can have access to the Chinese markets without export tariffs being applied.
The agreement also includes customs tariff exemptions on products exported to the Chinese mainland which are at least 30 percent produced in Macau, as well as the possibility of local businesspeople being allowed to set themselves up in mainland China in specific service sectors. (macauhub)