HONG KONG, May 29 (Xinhua) — A modifiifying agreement on trade in services signed last year between the mainland and Hong Kong will be implemented on June 1 to make Hong Kong service providers` access to the mainland safer in the market, the Chinese government of the Hong Kong Special Administrative Region (HKSAR) said Friday. The change will further ease the threshold for Macau companies entering the Chinese continental market. Sectors that have benefited from this change include the financial sector, legal services, accounting, construction and engineering, culture, tourism, retail and education. The amendment agreement, which will improve the level of liberalization of services trade on the mainland for Hong Kong under the EPA, was signed by Finance Minister Paul Chan and Deputy Trade Minister Wang Bingnan. The statement stated that the amending agreement introduced new liberalization measures in a number of important service sectors, such as legal services, construction and related engineering services, financial services, testing and certifications, television and filmmakers. The amendment agreement will be implemented on June 1, 2020. The EPA is a framework agreement based on four agreements: this amendment also provides for several pilot projects to improve the integration of the services sector in the Greater Bay Guangdong-Hong Kong-Macao area, in order to facilitate free trade in services in the Greater Bay area. (Macau Economic Office) In addition, the amendment brings the number of service sectors likely to benefit from repair in mainland China from 62 to 69, allowing more service providers in Macau to enter the Chinese market. In response to proposals from The Hong Kong economy to increase participation in continental market development, the amendment lowers market access thresholds on the continent for Hong Kong businesses and professionals.
In addition, a number of liberalization measures are being introduced as part of the modifiing agreement for pilot implementation in the nine pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area. The statement states that the implementation of the amended agreement allows trade to use the EPA to gain better access to the continental market and stresses that the HKSAR government will continue to promote the development and implementation of the EPA and will help trade seize opportunities.