An agreement on closer economic co-operation with the Mainland is expected sometime this month, the Secretary for Commerce, Industry & Technology says, adding there will be "good news" for Hong Kong.

Speaking on a Commercial Radio programme, Henry Tang said it would further facilitate trade in goods and services between the two sides. The Government is working on the target of "zero tariff" for Hong Kong products, he said.

Details of the agreement would be made public to let the international community know that Hong Kong is an open and transparent city. It would also create unlimited business opportunities for local enterprises and overseas companies based in Hong Kong.

The Government also hopes more large-scale exhibitions would be staged in Hong Kong to promote trade and attract business travelers to the territory.

Mr Tang said the Administration is actively considering building phase three of the Convention Centre. The Legislative Council will be consulted on the project which would need the Government's financial support.