First Minister Mark Drakeford confirmed that from 7 August there will be no legal limits on the number of people who can meet indoors.
Some changes will occur on 17 July when the country moves to alert level one such as permission for indoor events for up to 200 people standing and up to 1,000 people seated.
Masks will be a legal requirement in most indoor public places including public transport but this will not apply to hospitality.
Masks will also no longer be mandatory in hospitality and other settings in England from Monday 19 July.
Drakeford said Wales was “entering a new phase of the pandemic” and said a successful vaccination rollout had meant increasing virus cases had not translate into large numbers of severe disease.
He added: "We can be reasonably confident that vaccination has weakened the link between infections and serious illness.
"But there is still a risk that this third wave of the pandemic could cause real harm - either direct harm from the virus or indirect harm from, for example, people having to isolate."
A Welsh Beer & Pub Association spokesperson said 7 August would represent a “huge milestone” for operators after more than a year and a half of pandemic restrictions.
They added: “It means our beloved locals can properly reopen and operate much more freely. A pint on 7 August is going to be all the more special.
“Pubs in Wales that were unable to reopen and operate viably because of the restrictions will now be able to open once more. Although this will be two and a half weeks after pubs in England do.”
The trade body called on the UK Government to support Welsh businesses by “reforming VAT, beer duty and business rates to reduce the unfair tax burden they face and aid their recovery.”