CEPA ‘Agreement on Trade in Goods’ signed in Macao

The Ministry of Commerce of the People’s Republic of China and the Macao SAR Government agreed on 12 December 2018 to introduce a total of 19 measures to foster economic and trade ties between Mainland China and Macao.

Former Vice Minister of Commerce Fu Ziying (pictured left), and the Secretary for Economy and Finance of the Macao SAR Leong Vai Tac (pictured right) signed an “Agreement on Trade in Goods”, a new document under the framework of the “Mainland and Macao Closer Economic Partnership Arrangement” (CEPA) which took effect on 1 January 2019.

The new measures were announced after the first meeting of the “Commission on Economic and Trade Co-operation between Mainland and Macao”. Mr Fu said the ministry would make greater use of the Commission mechanism to enhance conditions beneficial to the liberalisation of trade in services and investment. This would enable Macao businesses to enjoy further preferential market access to Mainland China.

Mr Fu also said further measures would be launched to further the liberalisation of trade in services within the Guangdong-Hong Kong-Macao Greater Bay Area comprehensively and support Macao to continue taking part in the China International Import Expo.

Secretary Leong Vai Tac said he believes the Commission will further integrate Macao’s development with China’s overall growth; propel the city’s economic diversification and sustainable development; as well as advance Macao’s position as a Commercial and Trade Co-operation Service Platform between China and Portuguese-speaking Countries.