HONG KONG, Dec. 18 (Xinhua) -- Hong Kong and the mainland signed a new trade liberalization deal on Thursday, which will facilitate Hong Kong service providers to set up businesses in Guangdong province.
The agreement was signed this morning by Vice Minister of Commerce Gao Yan and Hong Kong Financial Secretary John Tsang Chun- wah under the framework of the mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). The agreement shall come into effect on the day of signing and be implemented on March 1, 2015.
Hong Kong companies have previously been subjected to more restrictions than their mainland counterparts to provide services across the border. As of Thursday, all restrictions will be removed for 58 service sectors including property, environment and computer installation services and they will face the same conditions as mainland companies.
In addition, the agreement contains a most-favored treatment provision which states that any CEPA-plus preferential treatments offered by the mainland to other countries and regions will be extended to Hong Kong so as to ensure Hong Kong will continue enjoying the most preferential liberalization measures offered by the mainland.
"The agreement enables Hong Kong investors to take early advantage of opening up the Guangdong market in various service sectors, thereby deepening the cooperation and enhancing the competitiveness of the services industries of the two places," said John Tsang Chun-wah.
"The framework and content of the agreement also sets a model for basic liberalization of trade in services nationwide next year, " he added.
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