Undertaking by the Commerce and Industry Department, Hong Kong regarding Hong Kong's export of cotton yarn, and woven cotton and polyester/cotton textile products to the United Kingdom
The Department of Commerce and Industry, Hong Kong,
has decided unilaterally to extend until 30 June 1974 the
arrangements governing trade in cotton yarr, and woven cotton and polyester/cotton textiles products contained in
the Memorandum of Understanding signed between the Department
of Trade and Industry, London, and the Commerce and Industry
Department, Hong Kong, on 29 December 1972.
2. The Commerce and Industry Department, Hong Kong, has
taken this decision having regard to the indeterminate stage
reached in the formulation of a new multi-lateral textile
arrangement, and the need to reduce the uncertainty arising
therefrom in order, as far as possible, that the operations
of buyers, sellers and manufacturers should not be disrupted.
It is therefore made on the understanding that, during its
currency, consultations between the European Economic Community and Hong Kong will be held in accordance with the provisions
of any new multilateral textile arrangement accepted by both
parties, with a view to the retroactive application of a new
bilateral agreement from 1 January 1974. At such time the
form of a new bilateral agreement will be considered by Hong Kong also in the light of any remaining discrimination against Hong Kong in the Generalised Preference Scheme of the enlarged European Economic Community.
3.
Basically, this unilateral act involves the replacement of the 1973 calendar year arrangements with an arrangement in