Macao and Hong Kong today signed a Closer Economic Partnership Arrangement (CEPA) to advance liberalisation of trade and so create further favourable conditions for regional integration.

The Hong Kong-Macao CEPA mainly covers: opportunities for expansion of trade in goods and services; simplification of customs procedures; collaboration in matters relating to intellectual property; and establishment of a work programme on economic and technical cooperation.

Today’s signing ceremony took place during the 10th Hong Kong-Macao Cooperation High Level Meeting, held at the Hong Kong SAR Government headquarters. The ceremony was witnessed by the Secretary for Economy and Finance of the Macao SAR Government, Mr Leong Vai Tac, and the Financial Secretary of the Hong Kong SAR Government, Mr Paul Chan Mo-po.

Under the agreement, Hong Kong is to make available to Macao service suppliers a further 105 service sectors in Hong Kong; while Macao is to make available an additional 72 service sectors in Macao to Hong Kong service suppliers.

The Hong Kong-Macao CEPA is the first free trade arrangement signed between Hong Kong and Macao, and is formulated in accordance with the principles and regulations of the World Trade Organization.

During the 10th Hong Kong-Macao Cooperation High Level Meeting, Mr Leong said cooperation between the two sides would reach a new level, given the development of the city cluster of the Guangdong-Hong Kong-Macao Greater Bay Area and the soon-to-be-completed Hong Kong-Zhuhai-Macao Bridge.

Macao and Hong Kong would work together to seize further opportunities arising from national development, so as to boost the economies of the two places and enhance social well-being, said Mr Leong.

The two sides also explored additional paths for cooperation, with reference to the “Framework Agreement on Deepening Guangdong–Hong Kong–Macao Cooperation in the Development of the Bay Area” signed in July.

Future cooperation between Macao and Hong Kong will cover: financial services, anti-money laundering and the countering of terrorist financing, the MICE (meetings, incentives, conferences and exhibitions) industry, and taxation matters. As well as pursuing economic cooperation, the two sides will strengthen ties in tourism, education, culture and youth affairs.