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Macau and mainland China authorities signed a new version of the Closer Economic Partnership Arrangement (CEPA) yesterday (Thursday).
The signing ceremony took place at the Government Headquarters and was attended by Chief Executive Ho Iat Seng and Zheng Xincong, the Director of the Central Government Liaison Office in the Macau SAR.
The new agreement, which will officially take effect on March 1, 2025, aims to enhance economic ties by further opening Mainland China’s service sector to Macau. Notably, the requirement for Macau service providers to have at least three years of business experience to operate in Mainland China has been removed.
In addition to this, pilot measures will be introduced in the Guangdong-Hong Kong-Macau Greater Bay Area to support Macau-registered companies in selecting either Hong Kong or Macau as their arbitration location, as well as enabling them to choose the law in either of the SAR’s as the applicable contractual law.
This is expected to promote greater alignment of regulatory frameworks within the region.
The agreement also introduces liberalization measures across high-tech, financial, audiovisual, and cultural service sectors, aligning with Macau’s diversification strategy known as “1 + 4.” In the audiovisual sector, Macau companies will now be allowed to invest in film production, and co-produced dramas with Mainland China can be classified as domestically produced for broadcasting and distribution.
Other professional services from Macau, including construction, accounting, medicine, and education, will also enjoy improved operating conditions in Mainland China.
The new agreement update was signed yesterday by Lei Wai Nong, the Macau Secretary for Economy and Finance and Li Yongjie, the Deputy International Trade Representative from the Ministry of Commerce.
Li emphasized that the CEPA has achieved full liberalization in goods trade and essential liberalization in services trade, along with establishing a diversified protection system for investment.
She reaffirmed the Ministry’s commitment to the “one country, two systems” principle, aiming to help Macau leverage its unique advantages as it participates in national modernization efforts.
During the meeting, Ho Iat Seng expressed gratitude to the Central Government for its ongoing support for Macau.
He highlighted the importance of the CEPA in broadening development opportunities and creating favorable conditions for the diversification of Macau’s economy. Ho also expressed optimism that continued cooperation with the Ministry of Commerce will bolster sustainable development efforts.
Signed in 2003 and implemented in 2004, the original CEPA intended to be a free trade agreement-like initiative between two customs territories of a single sovereign state, aimed at fostering economic prosperity and development between the mainland and Macau.
Since the inception of CEPA in January 2004, total accumulated exports have reached an MOP1.47 billion ($83.6 million) by the end of September 2024.
The agreement has since seen the addition of ten supplements by 2013, covering Trade in Goods, Trade in Services, and Trade and Investment Facilitation.
In 2014, an agreement was reached to advance the liberalization of Trade in Services in Guangdong Province, culminating in a 2015 agreement that fully liberalized Trade in Services between the two regions.
The partnership was further enhanced with the signing of the Investment Agreement and Agreement on Economic and Technical Cooperation in December 2017, marking a new phase in their economic relations. The Agreement on Trade in Goods was then signed in December 2018.
Most recently, in November 2019, an amendment to the CEPA Agreement on Trade in Services was signed to lower market entry thresholds and advance pilot liberalization measures in the Greater Bay Area.
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