MACAO - The negotiation between the Chinese mainland and Macao on comprehensively upgrading Closer Economic Partnership Arrangements (CEPA) has entered its final stage, with an upgraded version expected to be signed at the end of this year, a statement by Macao's Office of Economy and Finance said Wednesday.

A meeting has been held on Tuesday between representatives from China's Ministry of Commerce and the Economy and Finance of China's Macao Special Administrative Region (SAR) government to negotiate on the terms and contents of the upgraded version of CEPA, that is, two new agreements on investment as well as economic and technical cooperation.

The agreement on investment includes new measures for opening-up and guaranteeing of investment. The agreement on economic and technical cooperation includes terms on promoting Macao's industrial diversification, and Macao's participation in the Belt and Road Initiative, the statement said.

The mainland and Macao signed CEPA in 2003 to forge closer ties. In 2014 and 2015, two new agreements were signed respectively under the framework of CEPA between them to further liberalize trade in services.