The Closer Economic Partnership Arrangement (CEPA) between mainland China and Macau has met its objectives, Macau’s secretary for the Economy and Finance, Francis Tam said Friday.
Ten years after the initial agreement Macau, the “10th Supplement to the Closer Economic Partnership Arrangement (CEPA) between China and Macau,” was signed and is due to come into force on 1 January, 2014.
This new supplement will further liberalise the market in a number of areas for Macau, covering services, financial cooperation and simplification of procedures for investment in trade, amongst others.
Francis Tam said that, since CEPA had been signed liberalisation had reached trade of almost all products, which means that almost all local products are exempt from customs tax when entering the rest of the country, which is one of the main aims of the CEPA.
Tam also said he was convinced it was possible to achieve full liberalisation by the end of 2015. (macauhub)