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The Administrative Region will continue to have its own finances and its currency, the pataca, will continue to circulate and remain freely convertible. The Central People's Government will not levy taxes on the Macao Special Administrative Region.
The Macao Special Administrative Region may establish mutually beneficial economic relations with other countries. Using the name "Macao, China", the Administrative Region may on its own maintain and develop economic and cultural relations and, in this context, conclude agreements with foreign states, regions and international organizations.
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The economy of Macao is closely interlinked with that of neighbouring
shown a Hong Kong and Southern China and has, as these economies, considerable sustained growth during the last decade. Production of followed textiles and garments is by far the most important output, by toys.
represents nearly
Foreign trade has steadily increased over the last years accompanied by a positive trade balance. The clothing and textile sector 70 % of total exports.
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by a persistent EEC trade relations with Macao are characterised deficit for the Community. In 1990 EEC imports (nearly 83 % textiles) amounted to ECU 518 million, while exports (mainly electric machinery and equipment) only reached ECU 50 million.
The Community has concluded a textile agreement with Macao which was due to expire on 31 December 1991. The agreement, however, has been extended up to the end of 1992 awaiting the outcome of the Uruguay Round negotiations on the future of MFA, Macao is a beneficiary of the Community's GSP scheme. Due to Macao's position as a "dominant" country and because of the origin requirements, only 13 % (1990) of Macao's exports to the EEC benefit from this scheme.
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By "note verbale" of 29 October 1991 Macao has expressed its wish to hold exploratory talks in view of concluding a trade and cooperation
on 12 December 1991 Agreement with the Community. The Commission, confirmed its acceptance of this request.
Macao puts great importance in the rapid conclusion of a trade and cooperation Agreement with the EEC in order to consolidate and deepen its links with the Community and taking into account its particular situation.
The interest of Macao especially lies in the field of cooperation where Macao is conscient of its need to improve and diversify its economic. technical and social structures and where the Community has the potential of contributing to this harmonious development.
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