Cepa Legal Nature Of The Study

Regional economic integration organizations have greatly increased in number and developed well since 1990s. Although the development of regional trade agreements of our country is quite lag behind other countries, the Closer Economic Partnership Arrangement (CEPA) signed between Mainland of China,China Hong Kong and China Macao offered a good example for establishing the economic integration modes on the basis of the unique legal status of"one country, four memberships"under the WTO framework. CEPA is different from any other regional economic integration organizations. According to the content of CEPA as well as the special subjectivity of Hong Kong and Macao, CEPA carries some features of an agreement concerning the regional free trade. On the other hand, since the above regions are separate customs territories and all belong to an independent sovereignty, that is, the People's Republic of China, CEPA also has the nature of inter-regional agreement which is neither an international law nor a domestic law. The successful foundation and development of CEPA provides a proper mode for the economic cooperation between Mainland,Hong Kong,Macao and Taiwan.At present, there are lots of advantages and disadvantages in building the free trade area among the four regions across the Strait. However, the free trade area will be founded ultimately and develop well according to the regulations of WTO with the efforts of the four regions.