The World Trade Organization recently reviewed and approved Macau and Hong Kong Closer Economic Partnership Arrangement, (CEPA), reported the Macau Economic Bureau.
The document was examined during the 92nd meeting of the Commission on Regional Trade Agreements held on 1 April. Representatives of the Macau Economic Services Bureau and the Hong Kong Trade and Industry Department presented the objectives and the content of the Hong Kong-Macau CEPA.
To strengthen trade relations and exchanges of technical cooperation between Hong Kong and Macau, the two sides signed the Hong Kong-Macau CEPA on 27 October 2017, which came into force on 1 January 2018.
The Hong Kong-Macau CEPA is the second free trade agreement that Macau has signed with another WTO member after the conclusion of the CEPA with Mainland China.
The agreement signed between Macau and Hong Kong stipulates that the parties promise to continue to exempt each other from payment of customs duties on goods originating from the other, and not to adopt non-tariff and anti-dumping measures.
The representative of China made a speech at the meeting, noting that the Hong Kong-Macau CEPA is a free-trade agreement with “one country two systems” characteristics and complies with WTO rules. (Macauhub)