With the approval of the State Council, on the morning of December 14, 2018, the International Trade Negotiator and Deputy Minister of Commerce Fu Ziying and Hong Kong Financial Secretary Chen Maobo signed the CEPA Agreement on Trade in Goods in Hong Kong.  From January 1, 2019, imports of goods originating in Hong Kong into the Mainland will fully enjoy zero tariff.

mports of goods originating in Hong Kong into the Mainland will fully enjoy zero tariff.

The newly signed CEPA Agreement on Trade in Goods mentions tariffs and tariff quotas:

 First, Hong Kong continues to impose zero tariffs on all imported goods originating in the Mainland.  The mainland has fully implemented zero tariff on imported goods originating in Hong Kong.

 Second, one party does not impose tariff quotas on imported goods originating from the other party.

 It is reported that the CEPA Agreement on Trade in Goods is an important part of CEPA upgrade and a special economic and trade arrangement between the Mainland and Hong Kong under the framework of " one country, two systems" in accordance with the rules of the World Trade Organization.  The CEPA Agreement on Trade in Goods is a sub-agreement of CEPA. Together with the previously signed CEPA Agreement on Trade in Services, CEPA Investment Agreement and CEPA Agreement on Economic and Technical Cooperation, CEPA's upgrading task has been completed and the upgrading target set forth in the 13th Five - Year Plan has been achieved in advance.

 The key contents of the agreement include:

 First, the rules of origin not only conform to international rules but also meet Hong Kong's actual needs. The model of combining the general rules uniformly applied to all tariff products with the specific rules of origin of products containing only some products is adopted to formulate the rules of origin for all tariff products, which increases the transparency of the rules of origin, improves the pertinence, can better " target" to meet the needs of the industry and is conducive to maintaining the stable and healthy development of Hong Kong's industry.

 The second is the establishment of a special chapter on facilitation measures in the Guangdong, Hong Kong and Macao Gulf Region.  On the basis of sorting out and summarizing the existing opening and facilitation measures, combined with the actual situation and development needs of economic cooperation between the mainland and Hong Kong, a series of facilitation measures implemented in the Gulf region were studied and proposed to promote mutual recognition of supervision, information exchange, law enforcement and mutual assistance between the port authorities of Hong Kong and Guangdong, enhance the customs clearance capacity and efficiency of the port, and promote efficient and convenient flow of elements.

 The signing and implementation of CEPA Agreement on Trade in Goods will help maintain Hong Kong's status as an international trade center and shipping center, promote the healthy development of economic and trade exchanges and cooperation between the Mainland and Hong Kong, and achieve mutual benefit and win-win results.

 In addition, Macao also signed the CEPA Agreement on Trade in Goods with the Mainland, marking the completion of CEPA upgrade.

 The Mainland and Macao signed the CEPA Agreement on Trade in Goods in Macao on December 12, together with the previously signed CEPA Agreement on Trade in Services, Investment and Economic and Technical Cooperation, marking the early completion of the CEPA upgrade goal in the national " 13th Five - Year Plan".

 According to reports, the agreement is an important part of CEPA upgrading. Together with the previously signed CEPA Agreement on Trade in Services, CEPA Investment Agreement and CEPA Economic and Technical Cooperation Agreement, CEPA upgrading has been completed, which means that CEPA upgrading targets in the national " 13th Five - Year Plan" have been completed ahead of schedule.

 According to figures from the Macao Economic Bureau, from the implementation of CEPA on January 1, 2004 to November this year, the total value of Macao SAR's goods to the mainland with zero tariff preference amounted to 940 million patacas, and the tax exemption was nearly 66.5 million patacas.  In the first 11 months of this year alone, Macao's total value of goods entering the mainland market with zero tariff reached about 81.15 million patacas, up 43 times from 1.836 million patacas in the first year of CEPA implementation in 2004.

 The signing and implementation of CEPA Agreement on Trade in Goods will help promote Macao's moderately diversified and sustainable economic development, promote economic and trade exchanges and cooperation between the Mainland and Macao, and achieve mutual benefit and win-win results.

 CEPA Agreement on Trade in Goods and Rules of Origin Specific to Products

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