HK businesses reap rewards from new trade arrangement

About 24 billion yuan ($3.5 billion) worth of Hong Kong goods imported through Shenzhen Customs have been exempted from tariffs since the implementation of the Closer Economic Partnership Arrangement in 2004, saving 2.56 billion yuan in tariffs for businesses, the customs said on Tuesday.

The value of Hong Kong goods benefiting from CEPA increased nearly nine times over the past 15 years, from 260 million yuan in 2004 to 2.26 billion yuan in 2018, it said.

Eleven categories of products enjoyed zero tariffs in 2018, the customs said. Food was the biggest beneficiary, with more than half of the total value coming from the category. That was followed by chemicals, plastics and plastic products, accounting for about 30 percent and 13 percent, respectively.