MAINLAND CHINA AND MACAU TIGHTEN TRADE, ECONOMIC TIES-CEPA IV PACT

   Mainland China and Macau signed on 3 July 2007 a new supplement to an accord to bring closer bilateral economic and trade relations, with special emphasis on the opening up of service sectors.

The fourth supplement to the Closer Economic Partnership Arrangement (CEPA IV) was signed by the Secretary for Economy and Finance, Francis Tam Pak Yuen, and Chinese Vice-Minister of Commerce Liao Xiaoqi.

The agreement, set to come into force on 1 January, 2008, applies to 17 areas of economic activity and introduces another 11 sectors to the list of liberalised services for Macau companies in mainland China.

The latest CEPA accord boosts liberalisation of service sectors in the areas including health, law, employment and recruitment agencies, conventions and trade fairs, telecommunications, insurance, banking, tourism and air and sea transport.

It also introduces new liberalised sectors such as IT, market research, management consultancies, public utilities, office cleaning, photographic services, translation and interpreting and social services.

CEPA came into force in January 2004 and was designed to bolster economic and trade relations between China and Macau. Among other features, the accord gives tariff exemption for goods exported to mainland China for firms having at least 30 percent of production in Macau.

Under the agreement, Macau exported goods worth 24.2 million patacas to China by the end of May of this year.

MACAU GOVERNMENT SAYS WTO RECOGNISES TERRITORY's ECONOMIC SUCCESS OVER LAST SIX YEARS

   The World Trade Organisation (WTO) has recognised the economic success achieved by Macau over the last six years and said it is optimistic about the future development of Macau.

The statement on 2 May 2007 said that the WTO "considers Macau continues to be a free economic system which remains open in its commercial and investment policies. At the same time, due to the implementation of efficient economic policies, the liberalisation of the gaming sector and the favorable external economic climate, Macau's economy has recorded rapid economic growth from 2001 to 2006."

The WTO periodically assesses the commercial policies of its 150 members with the aim of ensuring that its members maintain a multilateral trade system, promote liberalisation and development prospects, thus supporting the government in preparing itself better to face future challenges.

    Macau is firmly committed to performing the role of a hub to stimulate economic relations b
etween the 11 members of the Pan-Pearl River Delta and the Portuguese-speaking world, according to Chief Executive Edmund Ho Hau Wah.

Speaking at the 4th Forum for Cooperation and Development in the Pan-Pearl River Delta (PPRD)in Changsha on 10 June 2007, Mr Edmund Ho brought together representatives from Fujian, Jiangxi, Hunan, Guangdong, Guangxi, Hainan, Sichuan, Guizhou and Yunnan, plus the two special administrative regions of Macau and Hong Kong - the so-called "9+2" group.

Mr Ho recalled that the Beijing government created the Forum for Economic and Trade Cooperation between China and Portuguese Language Countries in 2003 "as an important strategy of global diplomacy to take advantage of Macau's historic, cultural and linguistic connections with the Lusophone world."

"Macau has spared no efforts, responding to the guidelines and wishes of the central government, to fulfill its function as a hub and provide a market with major potential for economic development to the members of the PPRD forum" Mr Ho said.

    The Venetian Macao, Asia's first Las Vegas-style integrated Mega-Resort opened its door to the world on 28 August 2007.

Built in the landfill area of Cotai, between the islands of Taipa and Coloane, the Venetian Macao, at an initial investment of US$2.4 billion, covers an area of 976,000 square meters, which makes it the largest building in Asia and the second largest in the world.

The new tourist complex, has a casino with 850 gaming tables, 3,000 hotel rooms, some 350 stores, restaurants, convention and exhibition areas and a multi-use pavilion and 1,800 seat auditorium.

The Venetian Macao-Resort-Hotel and its new Convention Center is set to similarly transform Macau into Asia's very own destination for meetings, incentives, conventions and exhibitions. With a total area of 108,336 square meters, the Venetian Macao convention and exhibition center comprises of six adjacent exhibition halls and up to 108 concurrent available meeting rooms right next to each other which can accommodate 5,000 exhibition booths and around 50,000 people. With an additional 27,800 square meters of conventions space to follow upon the opening of the Shangri-la and Sheraton developments on The Cotai Strip(tm), Macau will boast some of the largest and most advanced convention and exhibition facilities not only in Asia but the world.