Events • Sectors & markets
HKSAR Government and Ministry of Commerce sign Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services
The HKSAR Government and the Ministry of Commerce signed the Agreement on Trade in Services (Services Agreement) under the framework of CEPA in November 2015 to basically achieve liberalisation of trade in services between the Mainland and Hong Kong. The two sides signed an agreement in November 2019 to amend the Services Agreement and add new liberalisation measures that have been implemented since June 2020. To further enhance liberalisation and facilitate trade in services in response to the aspirations of the Hong Kong business community for greater participation in the development of the Mainland market, the two sides agreed to make further amendments to the Services Agreement and signed the new agreement on 09 October 2024.
The Amendment Agreement II introduces new liberalisation measures across several service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services. The liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises; relaxing qualification requirements for Hong Kong professionals providing services; and easing restrictions on Hong Kong's exports of services to the Mainland market. Most of the liberalisation measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
The Amendment Agreement II will be implemented on March 1, 2025.
Full Information Note available here.