China Further Liberalizes Trade With Hong Kong
published: cw 43, 2005 in Global Trade & LogisticsNew liberalization measures were jointly approved by leaders in Hong Kong and the Central People?s Government of China. Rules of origin will be adjusted to allow more goods to move tariff free.
Government officials from the Hong Kong Special Administrative Region and the Central People?s Government of Mainland China signed the Closer Economic Partnership Agreement (CEPA III), which will give products of Hong Kong origin tariff-free treatment when entering China. Under CEPA III, rules of origin on 261 products have already been worked out and, upon application, manufacturers in Hong Kong will be able to move those goods into China tariff free starting in January 2006.
Earlier versions of CEPA have already addressed rules of origin on 1,369 products. For those products not already covered, the rules of origin will be worked out twice a year instead of once a year.
Transportation and distribution liberalization are also covered by some of the 23 liberalization measures included in CEPA III. ?Many of the measures under CEPA III have been worked out with the intention to enhance the flow of trade and investment between the two places,? said an official statement.
The exemptions currently being worked out include textiles and clothing products under Hong Kong?s Outward Processing Arrangement. This is a result of special safeguard measures established by the U.S. and European Union.
CEPA is an open and developing platform, said a representative of the Hong Kong government, and the Hong Kong government will engage the Mainland Chinese authorities on further liberalization of trade in goods and services.
Source: Logistics Today
----- Advertisement -----
Use this powerful tool to expand your professional vocabulary and ensure that everyone on your team is speaking the same language. www.theKnowledgeTransfer.com |
 paperback student version $ 19,99 hardcover executive version $ 29,99 |
print terms
