Macao and Hong Kong strengthen trade and economic relations

31 October 2017

Macao and Hong Kong on Friday signed an agreement with a view to strengthening economic and commercial relations between the two special administrative regions of China and extending areas of business and trade.

The document signed in Hong Kong by the Secretary for Economy and Finance, Leong Will Tac and the Secretary of Finance of Hong Kong, Paul Chan Mo-po is intended to simplify the free movement of goods, facilitate customs procedures and trade, open trade in services and establish bilateral cooperation in the field of intellectual property.

In the context of the Hong Kong-Macau CEPA Agreement the neighbouring special administrative region intends to liberalise 105 services to Macau and Macau, in return, will liberalise 72 services to Hong Kong.

During the 10th high-level cooperation meeting between Hong Kong and Macau, Secretary Leong Will Tac considered that, in addition to implementing their own development objectives, both Macau and Hong Kong will cooperate with the project of the lGuangdong-Hong Kong-Macau Great Bay along with strengthening of cooperation with Guangdong and the regions of the Pan-Pearl River Delta, in order to participate and contribute to the “Belt and Road” initiative.

The agreement now signed follows the “Framework Agreement for strengthening Guangdong-Hong Kong-Macau cooperation and promoting the construction of the Great Bay” signed in July of last year and the creation, in 2016, of the working group for the promotion of economic cooperation between Hong Kong and Macau for the economic and commercial areas.

Macau and Hong Kong also acknowledged that the implementation of the plan for the area of the Guangdong-Hong Kong-Macau Great Bay, as well as the entry into operation of the Hong Kong-Zhuhai-Macau bridge, will benefit and boost the connection between the two administrative regions, leading to a new phase and era of cooperation. (macauhub)