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To Bertrand Michaud, president of the French Chamber of Commerce and Industry in Hong Kong, the recently-concluded Closer Economic Partnership Arrangement, or CEPA, is more a morale booster than an economic stimulant, at least for now.

CEPA, he says, is an idea to be developed into business success over time. But it is a good sign as it helps shape the direction where Hong Kong wants to go, he adds.

More important, perhaps, is that CEPA gives Hong Kong people something to hope for at a time when they "just want to get out of the economic quagmire". The economy is 50 per cent facts and 50 per cent perceptions, he says. Figures don't always show the entire picture, he says. It's important for people to feel good and CEPA "is a very good sign".

As managing director for Asia Pacific of Hermes, a leading French purveyor of luxury goods, Michaud says that CEPA's effect on his company's business is indirect at most. When the people of Hong Kong regain some confidence in the economic recovery because of CEPA, they are expected to spend more on luxury goods, he says.

The demand for luxury goods in Hong Kong has been on the skid since the bursting of the economic bubble in 1997. The economic slowdown, coupled with the decimation of asset value and high unemployment rate, have greatly depressed consumer spending.

Although quite a number of people have been hard hit by the property price collapse, the society on the whole has remained relatively wealthy as reflected in the high level of bank deposits totalling around HK$3,000 billion (US$384.6 billion).

Many retailers are hoping that the increased confidence in the prospects of the economy can help release part of the pent-up spending power of the Hong Kong people, economists say.

Well-known brands, including many from France, will stand to benefit greatly from this development, Michaud says.

Other than that, French luxury goods makers will unlikely find CEPA of much benefit to them, Michaud says. "Nothing in CEPA applies to us," he says. That's because "we make everything in France".

What matters to him and other French luxury goods makers is the opening of the mainland retail market under the World Trade Organization agreement. Michaud says he is confident that the mainland government will implement the market-opening process according to schedule.

He says that his company is keen to obtain a retail licence on the mainland after the market is opened to foreign companies. One big advantage of having such a licence would be the elimination of a whole lot of paperwork, according to Michaud. At present, his company has a joint-venture outlet in Beijing and another one in Shanghai.

Even after the opening of the mainland retail market, Hong Kong will still have a role to play, Michaud says. "We have chosen Hong Kong as our regional base because Hong Kong is the centre of the region," he says.

His confidence in Hong Kong, he says, is shared by the large French business community represented by 430 companies, which employ 30,000 people, including 6,000 French nationals.

Michaud says that the French luxury-goods manufacturers are particularly impressed by the determination and efforts of the Hong Kong government in clamping down on counterfeit goods. The government's commitment is supported by comprehensive legislation, vigorous enforcement and sustained public education efforts.

The intellectual property rights law in Hong Kong covers trademarks, copyright, patents and designs, plant varieties and trade secrets.

As a member of the WTO, Hong Kong is bound by the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). As such, Hong Kong has fully incorporated TRIPS standards into its domestic laws, which, in many cases, not only comply with but also exceed the international standards.

On the enforcement side, a continuous war is being waged on the infringement of intellectual property rights.

Michaud says that the French business community feels encouraged that the Hong Kong government has made the protection of intellectual property a high priority issue. It is important to Hong Kong in retaining its position as Asia's principal entrepot for trade, in particular between the mainland and international markets.

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