HONG KONG, Feb. 18 -- A briefing regarding the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) will be held on Wednesday to outline the new measures and arrangements for the business sector, said John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), on Tuesday.

Signed on Oct. 9, 2024, between the HKSAR government and the Ministry of Commerce, the Second Agreement Concerning Amendment to the CEPA Agreement on Trade in Services took effect upon inking and will be officially implemented as of March 1, 2025.

The agreement is designed to lower barriers for Hong Kong enterprises and professionals seeking access to the Chinese mainland services market, said Lee. It introduces new measures in key service areas where Hong Kong has advantages and removes the requirement that service providers must operate in Hong Kong for three years before entering most service sectors, he added.

The agreement also includes provisions allowing eligible Hong Kong businesses to select Hong Kong law for contracts and designate Hong Kong as the arbitration venue, Lee noted.

The Ministry of Commerce and the HKSAR government will jointly organize a briefing in Hong Kong. Representatives from more than 10 ministries, relevant offices and the HKSAR government will introduce the measures and implementation arrangements in detail according to different service industries.

In addition to business developments, Lee highlighted that March will feature a series of popular cultural, artistic, and sporting events, alongside several major conferences and exhibitions. On the housing front, the average waiting time for public rental housing applicants was set to decrease to 5.3 years by the end of 2024, marking a reduction of 0.2 years and the lowest figure in six years.