HONG KONG - Being China's special administrative regions, both Hong Kong and Macao possess unique advantages which enable them to play different but complementary roles in the country's development, Financial Secretary of the Hong Kong Special Administrative Region government Chan Mo-po said here Friday.

Chan co-chaired the 10th Hong Kong-Macao Cooperation High Level Meeting here with Macao's Secretary for Economy and Finance Leong Vai Tac.

The two sides signed the HK-Macao Closer Economic Partnership Arrangement (CEPA) before the meeting.

Noting the arrangement covers investment, intellectual property, economic and technical cooperation, as well as goods and services trade, Chan said the commitments go beyond those undertaken by the two sides under the World Trade Organization.

"Complementing the development strategy of the Belt and Road Initiative, the bay area development will present historic opportunities for the future development of Hong Kong and Macao," Chan said.

The HK-Macao CEPA will take immediate effect, while commitments on the liberalization of goods and services trade will come into effect on Jan 1, 2018.

In the meeting, both sides pledged to continue creating a business-friendly environment for companies of the two places and jointly promote multi-destination itineraries, investment, and trade and exhibition.

They also agreed to work with Guangdong province to press ahead with the development of the Guangdong-Hong Kong-Macao Greater Bay Area.