HK, Mainland Hold 2nd Meeting on Closer Economic Partnership

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Last updated at: (Beijing Time) Wednesday, March 27, 2002

HK, Mainland Hold 2nd Meeting on Closer Economic Partnership

The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), Antony Leung, met the Vice Minister of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) of China's central government, An Min, Wednesday for the second High-level Consultations on the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA).

DISCUSSION

CHINESE

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Three aspects

On trade in goods, both sides agreed to devise an appropriate set of origin rules, to reduce and eliminate tariffs and non-tarrif measures under the CEPA.

On trade in services which is considered more complicated as many different services sectors are involved, they agreed to launch sector-specific direct consultations and instructed relevant agencies to commence necessary follow-up work as soon as possible.

On trade and investment facilitation which is believed to be helpful in lowering business costs and promoting trade and investment between the two sides, they agreed to continue active consultations on subjects under it, including customs cooperation and e-commerce.

Leung and An promised they will try to make more progress as soon as possible. "Both sides are very keen to push forward the arrangement more quickly," Leung said.

The vice minister of MOFTEC, who led a 19-member Central People's Government delegation, emphasized all the arrangements will be discussed and made under the principle of benefiting both sides in a long term.

He said Hong Kong has been an important gateway to the Mainland since China opened up and Hong Kong's contribution to the Mainland is "invaluable."

About the two delegations

An's delegation included Deputy Director of the Hong Kong and Macao Office of the State Council Chen Zuo'er as well as officials of the MOFTEC, Ministry of Finance, State Economic and Trade Commission, State Development Planning Commission, Customs General Administration, the Hong Kong and Macao Office of the State Council and Liaison Office of the Central People's Government in the HKSAR.

Members of the HKSAR delegation included Secretary for Commerce and Industry Chau Tak Hay, Director-General of Trade and Industry Joshua Law, Commissioner of Customs and Excise Raymond Wong and Government Economists K Y Tang.

The first and second High-level Consultations

It was also announced that the third High-level Consultations are tentatively scheduled for late May in Beijing. Prior to that, senior officials will liaison closely to take forward the proposal with a view to achieving continuous progress.

The first High-level Consultations on CEPA between the Mainland and Hong Kong was held in Beijing at the end of January this year.

Leung Urges to Foster Economic Flows Between Hong Kong, Mainland

As a regional financial and commercial center, Hong Kong must maintain a smooth flow in both directions of economic activity with its neighboring areas, in particular the Chinese mainland, Hong Kong Financial Secretary Antony Leung said Wednesday.

Leung made the remarks when delivering his maiden budget report in the Legislative Council.

"Our interaction with other economies generally does proceed smoothly. With the Mainland, however, the flows, in particular those of people, goods, capital, information and services, still need improvement. This is the third challenge we face," Leung said. full text

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