The Ministry of Commerce of the People’s Republic of China and the Commerce, Industry and Technology Bureau of the Hong Kong Special Administrative Region recently convened the first Senior Officials Meeting of the Closer Economic Partnership Arrangement (CEPA) to discuss expanding agreements under CEPA.
Deputy Director-General of the Department of Taiwan, Hong Kong and Macao Affairs of the Ministry of Commerce Sun Tong led the Mainland delegation to Hong Kong; Director-General of Trade and Industry Joseph Lai led the Hong Kong delegation.
A Commerce, Industry and Technology Bureau spokesman said both sides brought positive and constructive CEPA liberalization ideas to the Feb. 12-13 meetings, and agreed to discuss the subject further in the near future. “It is hoped that the two sides can reach consensus before July this year to give substance to a new supplemental agreement on CEPA, which will further promote the mutual economic development of the Mainland and Hong Kong,” said the spokesman.
CEPA is the first free trade agreement signed by the Mainland and Hong Kong. Since the signing of the main text in June 2003 and its six annexes the following September, the two sides have signed three supplements to the CEPA, in October 2004, October 2005 and June 2006, respectively.
CEPA covers liberalization and cooperation measures in trade in goods, trade in services and trade and investment facilitation. Currently, all Hong Kong products satisfying the CEPA rules of origin are entitled to tariff-free treatment upon importation into the Mainland market. Hong Kong service suppliers in 27 services areas also are eligible to enjoy preferential treatment in accessing the Mainland market. As of end-January, more than US$910.26 million worth of Hong Kong products were entitled to zero-tariff treatment under CEPA, and more than 1,700 Hong Kong Service Supplier Certificates had been issued by the Trade and Industry Department.
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