Agreement on Trade in Services Cepa
The Agreement on Trade in Services (ATIS) under the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and Mainland China has been a groundbreaking development in the trade of services. This agreement facilitates the liberalization of trade in the services sector between the two economies, ensuring favorable access to each other`s markets.
The primary objective of the ATIS under CEPA is to enhance and deepen the economic cooperation between the two economies. This agreement has enabled service providers and professionals in Hong Kong to gain greater access to Mainland China`s markets, opening up new business opportunities and creating a more level playing field. In return, Mainland China`s service providers have also received favorable treatment in Hong Kong`s markets.
The liberalization of trade in services is a significant step towards promoting economic growth and integration between the two economies. The agreement covers a wide range of services, including banking and finance, construction services, distribution services, education, healthcare services, and more.
Under the ATIS under CEPA, Hong Kong service providers are granted national treatment and most-favored-nation status in the Mainland China market, meaning that they are treated the same as local service providers and enjoy the most favorable conditions available. This has resulted in a smoother entry into Mainland China`s market, reducing trade barriers and creating new opportunities for Hong Kong`s service providers.
The ATIS under CEPA has also facilitated the mutual recognition of professional qualifications and certification, allowing professionals in both economies to work more freely across borders. This has provided a more efficient and streamlined process for businesses to operate and expand their services across both economies.
The CEPA agreement has been a significant boost for the services sector in both Hong Kong and Mainland China. The ATIS under CEPA has been instrumental in promoting economic growth, enhancing cooperation, and creating new opportunities for businesses in both economies.
In conclusion, the Agreement on Trade in Services (ATIS) under the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and Mainland China has been a vital development in promoting economic growth and integration between the two economies. This agreement has enabled service providers and professionals in Hong Kong to gain greater access to Mainland China`s markets, opening up new business opportunities and creating a more level playing field. The liberalization of trade in services has been a significant step towards promoting economic growth and enhancing cooperation between the two economies.