The Chinese Ministry of Commerce and the government of Hong Kong have advanced new measures to foster trade under the Mainland and Hong Kong Closer Economic Partnership. CGTN's Li Jiejun has more.

New documents of the Closer Economic Partnership Arrangement, or CEPA, were signed Friday between the Chinese mainland and Hong Kong. It ushers in a new chapter in trade in goods.

Under the agreement, the mainland will fully implement zero tariff policies on imported goods originating in Hong Kong. To claim the tariff preference, each consignment of goods exported to the Mainland must be accompanied by a Certificate of Hong Kong Origin. In addition, the document also includes a chapter on trade facilitation measures in the Guangdong-Hong Kong-Macao Greater Bay Area. The agreement takes effect on January 1st.

CHAN MO-PO HK FINANCIAL SECRETARY "Under the framework of CEPA, we will continue efforts to achieve trade and investment liberalization and facilitation. The new measures help better involve Hong Kong in national development plans, like the Belt & Road initiative, and the further development of the Guangdong-HK-Macao Greater Bay area."

Analysts say the new agreement will promote the integration of Hong Kong into the mainland, and help the SAR's business sectors explore the market in the Chinese mainland. It also benefits the mainland as Hong Kong serves as a perfect 'springboard' for mainland enterprises to reach out to the global market. It marks a new milestone for deepening cooperation between the two sides.

FU ZIYING CHINESE VICE MINISTER OF COMMERCE "CEPA is the highest level of free trade agreement between Hong Kong and the mainland. Hong Kong is fully market-oriented and has its own tariff system. The Chinese mainland is continuing to open up. The signing of the new agreement indicates that economic cooperation between the two sides is entering a new stage."

CEPA is the first free trade agreement ever set up between the mainland and Hong Kong. The main text was first signed in 2003.

LI JIEJUN HONG KONG "Experts say the signing of the new CEPA documents will help consolidate Hong Kong's position as an international trading and shipping center. And it will further boost the already close economic ties between Hong Kong and the Chinese mainland. LJJ, CGTN, HK."