Chinese mainland, HKSAR sign two new agreements under CEPA

A car drives under Chinese national flags and flags of Hong Kong Special Administrative Region in Tsim Sha Tsui of Hong Kong, China, June 27, 2017. [Photo/Xinhua]

The Chinese mainland and Hong Kong signed two new agreements under the framework of the existing bilateral economic pact Closer Economic Partnership Arrangement (CEPA) on Wednesday.

Chinese Vice-Minister of Commerce Gao Yan and Financial Secretary of the Hong Kong Special Administrative Region Paul Chan addressed the signing ceremony.

The two agreements, the Investment Agreement and Agreement on Economic and Technical (Ecotech) Cooperation, came into effect on the day of signing, with the former to be implemented from January 1, 2018.

The Investment Agreement is the first investment agreement of the mainland with pre-established national treatment commitments made for the advocation of investment adopting a negative listing approach.

Furthermore, the agreement on Ecotech specially emphasizes mainland's support to Hong Kong in participating in the Belt and Road Initiative.

Signed on June 2003, CEPA covers four areas: trade in goods, trade in services, investment, and economic and technical cooperation.

So far, the Chinese mainland and Hong Kong Special Administrative Region have signed 10 supplement agreements, six appendixes, and two agreements related to service trade (excluding the two agreements signed on Wednesday).