Hong Kong and Macao will soon start negotiations on a free trade agreement, namely the Hong Kong and Macao Closer Economic Partnership Arrangement (HK-Macao CEPA), the Hong Kong Special Administrative Region government said on its news website on Friday.
The new arrangement will cover elements including commitment to bind tariff at zero, minimizing non-tariff barriers, avoiding imposing trade remedies, customs facilitation procedures, liberalization and facilitation of trade in services, and legal and institutional arrangements.
Hong Kong and Macao have each entered into a separate CEPA framework with the Chinese mainland. After the HK-Macao CEPA is established, it will allow the three regions to build a new, common platform to further trade and investment facilitation.
