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An updated CEPA agreement will come into force in March

Strengthening the SAR government’s communications with mainland authorities will be part of the new pact, officials say
  • The Closer Economic Partnership Arrangement (CEPA) is a free trade-type agreement between Macao and the mainland

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A number of updates have been made to the Closer Economic Partnership Arrangement (CEPA) between Macao and the mainland, which will come into force in March, TDM reports

The revised version of the agreement, originally signed last October, includes liberalisation measures in the high-tech, financial services, audiovisual and cultural sectors in line with Macao’s economic diversification efforts.

Local tech companies qualifying under the Technology Enterprise Certification Scheme will be treated the same as mainland companies and entitled to the same tax benefits when operating in the mainland once the updates come into force.

[See more: Trade between Macao and mainland China has grown exponentially]

The Economic and Technological Development Bureau (known by its Portuguese initials DSEDT) also says that Macao will organise more cultural exhibitions and exchange activities to support the Belt and Road Initiative, China’s massive cross-continent infrastructure project, as part of the new deal.

The DSEDT says the revised CEPA agreement – which has already undergone several rounds of updates – will help Macao’s government to strengthen its communication and cooperation with relevant central authorities.

The agreement is seen as an important step in Macao’s efforts to reduce its economic dependence on casinos and embrace new industries, such as financial services and life sciences.

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