FS signs CEPA upgrades

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Financial Secretary Paul Chan and China International Trade Representative and Vice Minister of Commerce Fu Ziying today signed an agreement under the Mainland & Hong Kong Closer Economic Partnership Arrangement (CEPA) framework.

Chief Executive Carrie Lam witnessed the signing of the Agreement on Trade in Goods, to be implemented on January 1.

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

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

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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