The Investment Agreement and the Agreement on Economic and Technical Cooperation that were signed on Monday launched a new phase of cooperation and exchange in the economic and trade area between Mainland China and Macau, facilitating the integration of the territory into national development, said the secretary for Economy and Finance of the Macau Government.

Leong Vai Tac and China’s Deputy Minister of Commerce Gao Yan said that the two documents are bilateral special economic and trade agreements, established in accordance with the rules established by the World Trade Organisation (WTO) and within the scope of “One Country, Two Systems.”

“They are also an important initiative for the implementation of the liberalisation and facilitation of high-level trade and investment and to support of Macau in its integration with national development, which were presented at the 19th National Congress of the Communist Party of China,” the two officials said.

The two agreements will contribute to increasing economic and trade relations between the parties, to expand the development space for small and medium enterprises, professionals and young people of Macau, and to support and promote the adequate diversification of Macau’s economy.

Leong Vai Tac and Ms. Gao Yan also said that in the future priority will be given to carrying out the work of these two agreements, hoping that sectors in both regions will be able to make full use of the gains made from the Closer Economic Partnership Agreement Between Mainland China and Macau (CEPA), in order to promote greater integration of the two territories in the economic area and achieve common development.

Through CEPA, Mainland China and Macau have completed full liberalisation of trade in goods and the basic liberalisation of trade in services, and also adopted efficient and pragmatic trade and investment facilitation measures, promoting economic and technical cooperation in broad range of areas. (macauhub)