ENG-2006 — Page 144

112 | Commerce and Industry

of over 1 400 products can enjoy zero tariff under CEPA from January 2007. For trade in services, on the basis of the preferential market access offered to Hong Kong service suppliers in 27 services areas2, Supplement III to CEPA introduced a total of 15 new liberalisation measures spreading across 10 of the areas3. These new liberalisation measures took effect from January 1, 2007 allowing Hong Kong service suppliers to enjoy preferential access to the Mainland market beyond China's WTO commitments. The progressive liberalisation of trade and investment measures under CEPA continues to provide impetus to the development of the Hong Kong economy and the economic integration between the two places.

Liaison with the Mainland

The Mainland's rapid economic and trade growth has helped boost Hong Kong's external trade and intermediary services. In addition, the various preferential treatments under CEPA also enhance the attractiveness of Hong Kong to overseas investors.

The Government is committed to helping the business community tap into the Mainland market, with emphasis on the opportunities brought about by CEPA. It maintains close contact with the Mainland authorities at different levels through various government bureaux and departments, the Beijing Office of the HKSAR Government, the Hong Kong Economic and Trade Offices in the Mainland and quasi- government bodies like the Hong Kong Trade Development Council (TDC). Regular high-level communication is also achieved through mechanisms such as the Hong Kong/Guangdong Cooperation Joint Conference and the CEPA Joint Steering Committee..

Bilateral Investment Promotion and Protection Agreements

Hong Kong has bilateral investment promotion and protection agreements with 15 economies: Australia, Austria, Belgium/Luxembourg, Denmark, France, Germany, Italy, Japan, Republic of Korea, the Netherlands, New Zealand, Sweden, Switzerland, Thailand and the United Kingdom. A primary objective of these agreements is to assure overseas investors of the stable investment environment in Hong Kong.

Trade in Textiles

The global elimination of textiles quotas since January 1, 2005 has helped Hong Kong's import and export trade in textiles by creating an environment that encourages it to continue to leverage its expertise and immense potential to develop into a world-class logistics and sourcing hub for textiles. At the same time, Hong

These are: management consulting, convention and exhibition, advertising, accounting, real estate and construction, medical and dental, distribution, logistics, freight forwarding agency, storage and warehousing, transport, tourism, audiovisual, legal, banking, securities and futures, insurance, telecommunications, air transport, information technology, patent agency, trade mark agency, job referral agency, cultural, job intermediary, professional qualification examinations and individually owned stores.

3 These are: legal, construction, information technology, convention and exhibition, audiovisual,

distribution, tourism, air transport, road transport and individually owned stores.