Chinese mainland, Macao to comprehensively upgrade CEPA: senior official

MACAO -- The Chinese mainland and Macao were negotiating on comprehensively upgrading Closer Economic Partnership Arrangements (CEPA), which is expected to complete at the end of this year, a senior official confirmed here at a recent symposium.

Wang Bingnan, assistant minister of commerce of China, made the announcement at the opening ceremony of International symposium on Belt and Road and Macao's development, starting on Thursday.

A meeting has been held between representatives from China's Ministry of Commerce and Economy and Finance of China's Macao Special Administrative Region (SAR) government to negotiate on terms and contents of CEPA, especially those concerning guaranteeing investment, and deepening of economic and technical cooperation, according to a press release on Friday.

The sectors beneficial to Macao's industrial diversification were highlighted during the negociation, the press release said.

The mainland and Macao signed CEPA in 2003 to forge closer ties. In 2014 and 2015, two new agreements were signed respectively under the framework of CEPA between them to further liberalizing trade in services.