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Economic Co-operation with the Mainland

23.   The signing and implementation of the Closer Economic Partnership Arrangement (CEPA) with the Mainland has been the most significant development in furthering our economic co-operation. With the inception of its three phases, we have fully liberalised trade in goods between Hong Kong and the Mainland. As of the second week in February, Hong Kong and the Mainland had reached agreement on rules of origin for a total of 1 370 products. We have issued more than 10 800 certificates of origin covering exports valued at $3.7 billion. Within the first two years of implementation, our businesses have already saved a total of $240 million in tariffs.  In respect of trade in services, the Mainland markets have also been considerably liberalised under CEPA. Currently, 27 service sectors benefit, and more than 920 Hong Kong Service Supplier Certificates have been issued. We estimate that the implementation of CEPA in its first two years has brought about the creation of 29 000 new jobs.

24.   The implementation of CEPA III from the beginning of this year will provide further business opportunities for our enterprises and professionals. Our focus for the year is to ensure the effective implementation of CEPA. If any Hong Kong business encounters implementation problems, these should be reported immediately to the Trade and Industry Department, which will actively follow up.

25.   As a service-oriented economy, Hong Kong needs a vast hinterland market to promote its economic development. The implementation of the Pan-Pearl River Delta (Pan-PRD) Regional Co-operation Framework Agreement has greatly broadened the scope of our co-operation with the Mainland provinces and regions concerned, and will facilitate the use of Hong Kong as a gateway to the international market by Mainland enterprises in the Pan-PRD region.

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2005 © | Important notices Last revision date : 22 February, 2006