Secretary for Economy and Finance Lionel Leong Vai Tac said on Wednesday the government aimed to meet its target for the basic liberalisation of trade in services with Guangdong by the end of this year.
The policy secretary made the pledge in a speech at a one-day seminar on the implementation of the Closer Economic Partnership Arrangement (CEPA) between the mainland and Macau.
Leong pointed out that the agreement on achieving basic liberalisation of trade in services between the two sides came into effect at the start of this month. Guangdong province has opened up a number of trade service sub-sectors to Macau’s service industry. Leong said that based on the standards of the World Trade Organisation’s (WTO) trade in services classification, basic liberalisation of trade in services had been achieved between the two sides.
Leong said the agreement also resulted in more beneficial terms for Macau’s businesses and citizens looking to venture into the mainland market. A total of 58 service sub-sectors of Macau will receive “national” treatment in the mainland. This includes advertising, photography, conventions and exhibitions, and road transport.
According to a statement by the Economic Services Bureau (DSE), Macau’s service suppliers will enjoy national treatment in terms of market access conditions in the province.
Guangdong’s Deputy Governor Zhao Yufang encouraged Macau’s businesspeople to act quickly and take advantage of the opportunities brought about by the liberalisation pact.
Both Leong and Zhao said they believed that the new arrangement will be highly beneficial to both the diversification of Macau’s economy and the strengthening of Guangdong’s economy.