Brunei participated for the first time as a full party to the negotiations in April 2005, prior to the fifth and final round of discussions.  The agreement was later renamed TPSEP (Trans-Pacific Strategic Economic Partnership Agreement or Pacific-4). Negotiations on the Strategic Economic Partnership Agreement (P4) were concluded on 3 June 2005 by Brunei, Chile, New Zealand and Singapore and entered into force on 28 May 2006 for New Zealand and Singapore, on 12 July 2006 for Brunei and Chile on 8 November 2006.  CEPA is a framework agreement underpinned by four agreements: the emphasis that trade and investment liberalisation promotes economic growth and development; The Trans-Pacific Strategic Economic Partnership (TPSEP) is a trade agreement between four Pacific countries on a wide range of economic policy issues. The agreement was signed in 2005 by Brunei, Chile, Singapore and New Zealand and entered into force in 2006. It is a comprehensive trade agreement that undermines trade in goods, rules of origin, trade law, sanitary and phytosanitary measures, technical barriers to trade, trade in services, intellectual property, government procurement and competition policy. In particular, it called for all customs duties between Member States to be reduced by 90% by 1 January 2006 and for all trade tariffs to be reduced to zero by 2015.  The agreement includes a number of elements, including the following. CEPA opens up huge markets for goods and services in Hong Kong and significantly improves the already close economic cooperation and integration between the mainland and Hong Kong. “The common desire was to create a comprehensive and forward-looking trade agreement that would set quality standards for trade rules and help promote trade liberalization and facilitate trade in the APEC region.” The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) is the first free trade agreement ever concluded by mainland China and Hong Kong. The main text of CEPA was signed on 29 June 2003. The agreement was negotiated alongside a broader strategic partnership agreement between the two sides. Trade in services – Hong Kong service providers enjoy preferential treatment upon entry into the continental market in various service sectors.
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