Macau signs deal that opens more of China’s doors to trade and investment

15 December 2011

Macau, China, 15 Dec – The governments of Macau and Beijing Wednesday signed the 8th Supplement to the Closer Economic Partnership Arrangement (CEPA) between China and Macau, which will increase two-way cooperation.

The addendum to CEPA, which was signed by the Chinese deputy Trade Minister, Jiang Yaoping, and by Macau’s secretary for the Economy and Finances, Francis Tam, outlines that from 1 April 2012 services liberalisation and promotion of trade and investment in general will be expanded.

Noting that supplement 8 of CEPA increases the number of liberalised services sectors to 46 (three more than currently) – extending the scope of another 11 – by establishing 281 new liberalisation measures, the deputy Trade minister said that it, “will contribute to the appropriate diversification of Macau,” and to making the Chinese economy more dynamic.

In the area of goods trade, there were 273 types of products that benefited from customs tax exemption in the first year – 2004 – of CEPA’s introduction.

However, since 2006, all goods originating in Macau, which have been granted their respective origin criteria, can be exported to China with customs tax exemption.

So far origin criteria have been certified for 1,216 products.

By the end of November, the total value of goods exempt from customs taxes and exported to China was 244 million patacas, involving textiles and clothing, coffee, cement and other products, some of which in the primary form.

Until the end of last year over 760 companies and/or industrial establishments had been established in China by Macau companies or residents in the sectors of transport and logistics, as well as advertising, convention and exhibitions or tourism. (macauhub)