Hong Kong, China agree to expand tariff-free rules
The Hong Kong Special Administrative Region Government and the Central People's Government of China Tuesday reached an agreement on liberalization measures under the third phase of the mainland and Hong Kong Closer Economic Partnership Arrangement, or CEPA III.
Under the agreement, mainland China agrees to give all products from Hong Kong origin tariff-free treatment starting Jan. 1, upon application by local manufacturers and upon the CEPA rules of origin being agreed and met.
The rules of origin for 261 products covered under CEPA III have already been worked out, while the overwhelming majority of the agreed rules basically resemble the liberal rules adopted in CEPA I and II, according to a statement by the Hong Kong Economic & Trade Office.
Under the first three phases of CEPA, Hong Kong and the Mainland have already reached agreement on the CEPA ROOs for 1,369 products.