In this May 28, 2018 photo, visitors consult at an exhibition area for the Hong Kong Special Administrative Region at the Fifth China Beijing International Fair for Trade in Services in Beijing. (ZHANG CHENLIN / XINHUA)

HONG KONG - An amendment agreement on trade in services signed between the Chinese mainland and Hong Kong last year will be implemented on June 1 to introduce more access for Hong Kong services suppliers into the mainland market, the Hong Kong Special Administrative Region (HKSAR) government said on Friday.

The amendment agreement introduces new liberalization measures which will make it easier for Hong Kong service suppliers to set up enterprises and develop business on the mainland, according to a statement by the HKSAR government

Under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), the mainland and Hong Kong signed the Agreement Concerning Amendment to the CEPA Agreement on Trade in Services (amendment agreement) on Nov 21 last year.

The amendment agreement was signed to further enhance the mainland's level of liberalization on trade in services for Hong Kong, and lower its market access thresholds for Hong Kong services suppliers to participate more in the development of the mainland market, according to a statement issued by the HKSAR government.

ALSO READ: HK services sector to get more access to mainland

The amendment agreement introduces new liberalization measures in a number of important services sectors such as legal services, construction and related engineering services, financial services, testing and certification, television and motion pictures, according to the statement.

The new measures will make it easier for Hong Kong service suppliers to set up enterprises and develop business on the mainland, as well as to allow more Hong Kong professionals to obtain qualifications to practice on the mainland and more of Hong Kong's quality services to be provided to the mainland market, according to the statement.

READ MORE: HK strives to tap Bay Area insurance market potential

Liberalization measures include removing or relaxing restrictions on equity shareholding, capital requirements and business scope in the establishment of enterprises, according to the statement. The qualification requirements for the provision of services by Hong Kong professionals will also be relaxed, while geographical restrictions and other curbs on Hong Kong's exports of services to the mainland market wll be loosened, according to the statement.

The implementation of the amendment agreement enables trade in services to utilize CEPA to gain greater access to the mainland market, according to the statement. 

It was stressed in the statement that the HKSAR government will continue to promote the development and implementation of CEPA, and assist the trade in capitalizing on the opportunities.