Cepa Amendment Agreement

 
 

The amendment agreement will be implemented on June 1, 2020. This amendment also introduced several pilot projects to improve the integration of the services sector in guangdong-Hong Kong-Macao Greater Bay Area, in order to facilitate free trade in services in the Greater Bay Area. (Macau Economic Bureau) In addition, the amending agreement introduces a number of liberalization measures for pilot implementation in the nine agglomerations of the Pearl River Delta, in the Guangdong-Hong Kong-Macao Greater Bay area. The statement states that the amending agreement introduces new liberalisation measures in a number of important services sectors, such as legal services, construction and related engineering services, financial services, testing and certification, television and films. The statement said that the implementation of the amending agreement allows trade to use CEPA in order to gain better access to the continental market and stressed that the HKSAR government will continue to promote the development and implementation of CEPA and help trade seize opportunities. In response to proposals from Hong Kong`s business community to strengthen participation in the development of the continental market, the amending agreement lowers the thresholds for access to the mainland market for Hong Kong businesses and professionals. The amending agreement, which will increase the degree of liberalization of trade in continental services for Hong Kong under CEPA, was signed by Finance Minister Paul Chan and Vice Minister of Commerce Wang Bingnan. In addition, the change increases the number of service sectors in Macau that are eligible for domestic treatment in mainland China from 62 to 69, providing a greater number of service providers in Macau with a better way to enter the Chinese market. According to a statement by the HKSAR government, the amending agreement aimed to further improve the degree of liberalization of hong Kong`s trade in services on the mainland and lower the thresholds of access to the mainland market for Hong Kong service providers with a view to greater participation in the development of the continental market. CEPA is a framework agreement that is underpinned by four agreements: the amendment further relaxes the threshold for Macau companies entering the Chinese mainland market.. . .

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