Selected From No. 283, Feb 2016 Newsletter
Free Trade Agreement Signed by China
The Free Trade Agreement (FTA) is a treaty signed between two or more countries to launch free trade activities and create an economic zone through measures such as the abolition of tariffs and non-customs barriers. The agreement is binding and aims to promote economic globalisation with one of the objectives of eliminating trade barriers to enable the free flow of products and services.
As of the end of December 2015, a total of 14 FTAs had been signed by China involving 22 countries and regions with free trade partners spanning across Asia, Europe, Latin-America and Oceania. These FTAs include those signed between China and ASEAN, Australia, Chile, Costa Rica, Korea, Iceland, New Zealand, Pakistan, Peru, Singapore and Switzerland, CEPA signed between the Mainland and Hong Kong and Macao, as well as the Economic Co-operation Framework Agreement (ECFA) signed by China and Taiwan.
China is currently planning various free trade agreement negotiations, such as the Regional Comprehensive Economic Partnership (RCEP), China-Gulf Co-operation Council (GCC) FTZ, China-Norway FTZ, China-Japan-Korea FTZ, China-Sri Lanka FTZ, China-Maldives FTZ. The China-Singapore FTZ upgrade negotiation, the second round negotiation of China-Pakistan FTZ and the subsequent negotiation of ECFA.
Source: Ministry of Commerce website
General Administration of Customs Streamlines Customs Clearance Procedures for Goods under CEPA
To further enhance facilitation measures of trade in goods under the Mainland and Macao Closer Economic Partnership Arrangement (CEPA), and increase the efficiency of customs clearance, the General Administration of Customs streamlined the customs clearance procedures for cargo under CEPA. When declaring the importation of CEPA cargo, enterprises are not required to submit a hard copy of the Certificate of Origin. Senders of CEPA containerised cargo transhipped via Hong Kong are required to submit the “through bill of lading”, and do not need to submit the “Certificate of Non-manipulation”.
For further information please visit the website:
Source: website of Macao Economic Services