Chief Executive of the Hong Kong Special Administrative Region Tung Chee Hwa welcomed the Sino-US agreement on China's accession to the World Trade Organization (WTO).

"I am extremely pleased that agreement has been reached between China and the United States on the mainland's accession to the WTO, " Tung said.

"This bilateral agreement represents a most important step in China's WTO accession process," he said.

Tung said he hopes that "other steps necessary for the WTO accession can be completed at an early date."

"This will benefit world trade and all parties concerned," and it "will also provide Hong Kong with new business opportunities," Tung said.