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Friday, December 14, 2018, 23:23
HK, mainland ink pact to strengthen CEPA
By chinadailyasia.com
Friday, December 14, 2018, 23:23 By chinadailyasia.com

Chief Executive Carrie Lam Cheng Yuet-ngor, back row center, and other guests witness the signing of an agreement by Financial Secretary Paul Chan, sitting left, and China International Trade Representative and Vice-Minister of Commerce Fu Ziying, sitting right, on liberalization and facilitation of trade in goods under the Mainland and Hong Kong Closer Economic Partnership Arrangement at Central Government Offices in Tamar, Hong Kong, Dec 14, 2018. (ROY LIU / CHINA DAILY)

HONG KONG – Officials from Hong Kong Special Administrative Region (HKSAR) and the Chinese mainland on Friday signed an agreement on liberalization and facilitation of trade in goods under the Mainland and Hong Kong Closer Economic Partnership Arrangement, known as CEPA, framework.

The agreement consolidates and updates the commitments on liberalization of trade in goods under CEPA, further enhancing the level of liberalization for trade in goods

Chief Executive Carrie Lam Cheng Yuet-ngor witnessed the signing of the Agreement on trade in goods by Financial Secretary Paul Chan and China International Trade Representative and Vice-Minister of Commerce Fu Ziying at Central Government Offices in Hong Kong.

Starting from Jan 1, goods of Hong Kong origin imported into the mainland will fully enjoy zero tariffs through the enhanced arrangement for rules of origin.

The agreement consolidates and updates the commitments on liberalization and facilitation of trade in goods under CEPA, further enhancing the level of liberalization for trade in goods.

It also stipulates both sides’ commitment to facilitating trade, simplifying customs procedures, enhancing transparency of related measures and strengthening co-operation.

Chief Executive Carrie Lam Cheng Yuet-ngor toasts with China International Trade Representative and Vice-Minister of Commerce Fu Ziying during the signing of an agreement under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) framework at Central Government Offices in Tamar, Hong Kong, Dec 14, 2018. (ROY LIU / CHINA DAILY)

In particular, it sets out measures to expedite customs clearance of goods to facilitate goods movement in the Guangdong-Hong Kong-Macao Greater Bay Area, thereby enhancing the customs clearance capacity and efficiency of the Guangdong and Hong Kong control points.

The signing of the agreement means CEPA will become a comprehensive and modern-framework free trade agreement covering trade in goods, trade in services, investment, and economic and technical co-operation.

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