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Latest Updated by 2004-05-24 11:17:20
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The trade accord signed between Chinese mainland and Hong Kong Special Administrative Region called the Closer Economic Partnership Arrangement or CEPA, aims to intensify already-rapid integration of the bilateral trade.

The CEPA covers trade in goods and services, investment facilitation and also tourism. Its basic objectives are to phase out tariffs and non-tariff barriers on trade in commodities, phase in the liberalization of trade in services and reduce and eliminate all discriminatory measures in an effort to boost trade and investment facilitation.

>>Commitments under CEPA -- Telecommunication
>>Commitments under CEPA -- Medical treatment
>>Commitments under CEPA -- Legal service
>>Commitments under CEPA -- Distribution services (1)
>>Commitments under CEPA -- Distribution services (2)
>>Commitments under CEPA -- Distribution services (3)
>>Commitments under CEPA -- Convention, Exhibition
>>Commitments under CEPA -- Consultation
>>Commitments under CEPA -- Construction, real estate
>>Commitments under CEPA -- Banks
>>Commitments under CEPA -- Advertisement
>>Commitments under CEPA -- Accounting

The Mainland-Hong Kong Special Administrative Region CEPA was signed on June 29, 2003, whereafter a Mainland-Macao Special Administrative Region CEPA was signed on Oct 18, 2003.

The zero tariff regime will be implemented in 5 steps:

(1) Starting from Jan. 1, 2004, Hong Kong manufacturing enterprises may file applications for preferential tariff for their products with the competent authority under the SAR Government, and submit such data as names of products produced, production capacity, import capacity, and so on, which will be checked, verified and summarized by the organization designated by the SAR Government.

(2) Starting from 2005, the competent authority under the SAR Government shall submit product listing to mainland competent authority no later than June 1 each year. Having conducted joint verification and confirmation, both parties shall hold consultations on the principles of place of origin of products.

(3) Before Oct. 1 each year, competent authorities of both parties shall complete confirmation of products on which zero tariff is scheduled to be practiced next year, and consultation on norms of place of origin and plans of tariff reduction, and release consensus thus reached.

(4) In light of consensus reached, on Jan. 1 each year, the mainland will start implementing zero tariffs on the products confirmed in the previous year.

(5) Product listing submitted to the mainland competent authority by the competent authority under the SAR Government after June 1 each year will be brought into the tariff reduction arrangement in the 3rd year.
In terms of Hong Kong, the SAR Government agrees to maintain zero tariff on goods with the mainland as place of origin, and will not introduce new pertinent measures biased against mainland services and service providers in the above industries.

Editor: Donald

By: Source: South CN
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