Chief Executive John Lee said on Friday that the local legal profession is among sectors that will see greater development opportunities on the mainland once new liberalisation measures under the Closer Economic Partnership Arrangement (CEPA) are finalised.

More details will be announced once the two sides formally sign the new agreement.

Lee said CEPA reinforces the SAR's role as a bridge between the mainland and the rest of the world, adding that Hong Kong builds connections and encourages open trade as an international financial and legal hub.

In a speech at a conference on international law and peaceful co-existence, he said implementation of the new CEPA agreement will also allow the SAR to contribute to the peaceful settlement of international disputes.

"Legal practitioners from Hong Kong will have greater room to do business on the mainland. And that can only accelerate Hong Kong's rise as a centre for international legal and dispute resolution services in the Asia-Pacific region," the CE said.

"Now that's a good news story for our legal professionals and the sector in general."

Lee added that a traditional Chinese belief is that "peace is the most precious" thing, noting that this year marks the 70th anniversary of China pronouncing the "Five Principles of Peaceful Coexistence".

"Although seven decades have passed since the five principles were announced, they are still very much present, and needed, in today's turbulent world," he said.