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2017/06/28
HKGCC Welcomes Signing of New CEPA Agreements
   

For Immediate Release

The Hong Kong General Chamber of Commerce (HKGCC) welcomes the latest signing of two agreements under CEPA, the “CEPA Investment Agreement" and "CEPA Economic and Technical Cooperation Agreement," between the Mainland and Hong Kong governments, marking a milestone in CEPA’s development.

Chamber Chairman Stephen Ng said, “The new agreements upgrade CEPA to a modern and comprehensive free trade agreement. The Investment Agreement extends investment access to the non-service sector, except for exclusion in 26 areas under the negative list. A new dispute resolution mechanism has also been implemented under the agreement to resolve any disputes that might arise.”
 
He added, “The ‘Economic and Technical Cooperation Agreement’ integrates economic and trade cooperation under the ‘Belt and Road’ initiative into CEPA, along with the institutionalisation of the Hong Kong-Pan Pearl River Delta cooperation (particularly the Hong Kong-Macao-Guangdong Greater Bay Area). These arrangements will facilitate bilateral investments between Hong Kong and the Mainland, deepen cross-border economic, trade and investment activity, while extending cooperation beyond the Mainland’s border.” 
 
Chamber CEO Shirley Yuen said that the Chamber has been working hard to further liberalize investment, services and trade under CEPA for the past 14 years. Since initiating CEPA, the Chamber’s proposals have ranged from the adoption of a Negative List concept to national treatment of certain non-service industries. She added that the Chamber is pleased that these recommendations have been adopted to further enhance the arrangement.

The Investment Agreement is the first such arrangement with the Mainland that provides pre-establishment national treatment commitments made for investment adopting a negative listing approach. The arrangement will enable more Hong Kong companies and investors to enjoy the most-favoured treatment and national treatment. The Economic and Technical Cooperation Agreement incorporates economic and trade cooperation under the ‘Belt and Road’ initiative. This will allow Hong Kong businesses to leverage their advantages in the national development blueprint and ride on the unprecedented opportunities presented under the Greater Bay Area initiative.

This year marks the 20th anniversary of the HKSAR, and the Chamber welcomes the enormous economic benefits that CEPA has brought to the business community under the "One Country, Two Systems," and will continue to work to further enhance CEPA.


Media inquiries: Please contact Mr Ray Lai at 28231297 / [email protected]

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