BEIJING, July 1 -- The Chinese mainland and the Hong Kong Special Administrative Region (HKSAR) have agreed to further liberalize and enhance cooperation in trade in services, China's Ministry of Commerce said Monday.

An agreement was reached following consultations among the ministry, relevant departments and the HKSAR government under the Closer Economic Partnership Arrangement (CEPA), according to a statement issued by the ministry.

Necessary preparations and approval procedures will be expedited to sign and implement the agreement as soon as possible, the statement noted.

Signed between the mainland and Hong Kong in 2003, the CEPA has significantly facilitated trade liberalization in both goods and services.

Under the CEPA, the Chinese government announced last week that it will raise the duty-free shopping quota for mainland visitors to the Hong Kong and Macao special administrative regions.

Hong Kong celebrated the 27th anniversary of its return to the motherland on Monday.