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December 31, 2010
Hong Kong?s more economic partnership (CEPA) with New Zealand, signed in March 2010, close agreement enters into force 1 January 2011.
CEPA is first Hong Kong free trade agreement with another country and the second follows with mainland China. Under CEPA, measures liberalizing the trade in goods and services will be introduced, and both parties will work also on the strengthening of bilateral trade and economic ties facilitating investment and movement of business persons.
Under CEPA will New Zealand be gradually over six years its tariffs on goods from Hong Kong import. More than 90% of tariff lines of the New Zealand will become duty-free within two years after the agreement has entered into force.
On trade in services, providers of Hong Kong and the services they offer enjoy preferential options guarantees the New Zealand market in a variety of services sectors. Include logistics and related services, audiovisual services, computer services and services, maritime transport services board management services incidental to manufacturing and services.
In terms of market access, there are no any restrictions in the form of limits on foreign capital, the number of suppliers of services or operations value transaction service, number of persons employed, types of legal entity or joint venture requirements in a variety of services on the New Zealand market sectors. Hong Kong service providers and the services they offer in wide range of sectors will be considered not less favourable than their counterparts in the New Zealand in similar circumstances.
In order to improve bilateral investment flows, both sides also agreed to negotiate a protocol of investment in the Act, to conclude negotiations on investment within two years after it came into force.
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