THE Mainland and Macao Closer Economic Partnership Arrangement (CEPA) has brought about unprecedented opportunities to the Macao Special Administrative Region (SAR) and promoted joint development over the past two decades.

CEPA, a free-trade-agreement-like arrangement established between two separate customs territories of a single sovereign state, was officially signed Oct. 17, 2003, and implemented in January 2004.

Between 2004 and 2013, the two sides signed 10 supplements to CEPA, as well as the CEPA Agreement between the mainland and Macao on Achieving Basic Liberalization of Trade in Services in Guangdong, CEPA Agreement on Trade in Services, CEPA Investment Agreement, and so on.

Lao Keng Chong, director-general of the Macao Innovation Development Research Association, said the implementation of CEPA has further deepened and materialized cooperation mechanism between the mainland and Macao, which serves as a specific example of the advantages of “one country, two systems” in the economic sector.

Over the years, CEPA has continuously expanded and deepened opening-up in trade in goods, trade in services, investment, and economic and technological cooperation, increasing the flow of goods, personnel, capital and technology between the mainland and Macao.

Chan Tze Wai, acting director of the Economic and Technological Development Bureau (DSEDT) of the Macao SAR Government, said the arrangement has created unprecedented opportunities for various sectors in Macao.

In terms of trade in goods, all Macao-made products that comply with CEPA’s specific rules of origin can enjoy zero-tariff policies when being exported to the mainland.

Statistics from the DSEDT showed that as of September this year, Macao enterprises had exported zero-tariff goods to the mainland worth up to MOP$1.4 billion (US$174 million), saving tariffs of over MOP$90 million.(Xinhua)