Hong Kong and Mainland officials are set to sign the Closer Economic Partnership Arrangement on June 30.

Chief Executive Tung Chee Hwa said once agreed, the arrangement will bring much needed business and economic relief to Hong Kong.

Mr Tung, Financial Secretary Antony Leung and Secretary for Commerce, Industry & Technology Henry Tang met Director Liao Hui and Vice-Minister of Commerce An Min in Shenzhen this morning, and came "close to consensus" on the agreement.

"Discussions have made substantial, concrete progress, and we are close to reaching a consensus. We have agreed to hold a ceremony to sign the agreement in Hong Kong on June 30," Mr Tung said.

Although details of the arrangement could not yet be released, Mr Tung said it covers three main areas - trade in goods, trade in services and trade and investment facilitation.

"On trade in goods, many Hong Kong products will benefit from the zero-tariff arrangement," he said.

On trade in services, a number of sectors will benefit. They include management consultant services, exhibitions and conventions, advertising, legal services, accountancy, medical services, the real estate market, construction engineering, transport, wholesale distribution, logistics, tourism, audiovisual, banking, securities and insurance.

"The good progress Hong Kong and the Mainland have made on the arrangement fully reflects the Central Government's concern and support for Hong Kong," he said.

"I believe the agreement will bring more business opportunities. It will greatly help Hong Kong overcome its difficulties and achieve economic recovery as soon as possible. What we must do now is actively preparing ourselves for this golden opportunity so that Hong Kong's economy can pick up again."