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The Chinese Central People's Government and the Macao Special Administrative Region (SAR) government signed in Macao on Friday (Oct. 29) a supplemental agreement of the Mainland/Macao Closer Economic Partnership Arrangement (CEPA).

Chinese Vice Minister of Commerce An Min and Secretary for Economy and Finance of the Macao SAR government Francis Tam Pak Yuen signed the supplemental agreement and three annexes at the signing ceremony attended by Chief Executive of the Macao SAR Edmund Ho Hau Wah.

An official press release of the Macao SAR government said that the supplemental agreement is aimed to further promote trade and economic cooperation between the Chinese mainland and the Macao SAR.

According to the supplemental agreement of the trade pact, an additional package of 190 products made in Macao will enjoy zero tariffs for entering the mainland market starting on January 1 of 2005. By that time, the total number of Macao's zero-tariff products will reach 501.

Meanwhile, Macao companies will enjoy more favorable policies for entering 11 of the 18 service sectors in China's mainland, which have already been opened up for companies from the Macao SAR under CEPA, said the supplemental agreement, adding that eight more service sectors, including airport management, information technology and cultural and entertainment services, will be open for Macao firms.

In addition, individuals from the Macao SAR, who can currently run their companies in Guangdong Province according to CEPA, will be permitted to develop their private enterprises around the country.

Editor: Olivia