า
a threat/
AND
+NEVERTHELESS+, SIR DENYS CONCLUDED, THE COMMUNITY HAS
INSISTED THERE SHOULD BE THIS REDISTRIBUTION OF THE TRADE
CONSEQUENTLY SEVERE CUTBACKS ON CURRENT ACCESS RIGHTS FOR SOME
OF THOSE WHO HAVE NO MEANS OF RESISTING THEM INCLUDING HONG KONG
WHICH IS MORE DEPENDENT ON EXPORTS OF TEXTILES AND CLOTHING THAN
ANYONE ELSE. HONG KONG'S INTERNATIONAL TRADING RELATIONS ARE
GOVERNED BY THE GATT AND THE MULTI-FIBRE ARRANGEMENT.
NEITHER OF THESE INSTRUMENTS PROVIDES ANY SANCTION FOR THIS
COMMUNITY POLICY. ITS INJUSTICE IS MANIFEST. HOWEVER, WE HAVE
INITIALLED THE AGREEMENT AND, IF IT IS SIGNED, WE WILL
HONOUR IT.+
SOURCES CLOSE TO THE TRADE, INDUSTRY AND CUSTOMS DEPARTMENT
SAID THAT IT IS NOW UP TO THE HONG KONG INDUSTRY TO SHOW ITS
RESILIENCE AND VERSATILITY BY USING TO THE MAXIMUM THE
DIMINISHED TRADING OPPORTUNITIES AFFORDED TO US IN THE COMING
YEARS BY THE WORLD'S LARGEST ECONOMIC ENTITY. THE EEC.
AND IT IS FOR THE OTHER DEVELOPED NATIONS, IN THEIR OWN
INTERESTS AS WELL AS HONG KONG'S, TO REFUSE TO FOLLOW THE EEC
ON THE MUTUALLY DAMAGING SLIDE INTO PROTECTIONISM. THEY WILL
HAVE AN OPPORTUNITY TO COMMIT THEMSELVES TO RESPECT FOR THE
RULE OF LAW IN INTERNATIONAL TRADE WHEN THE GATT TEXTILES COMMITTEE MEETS IN GENEVA NEXT WEEK TO TAKE STOCK OF WHAT HAS
HAPPENED AND CONTEMPLATE THE FUTURE.
ENDS
ROBERTS
FILES
EID (E)
HK & GD
PS/MR JUDD MR HIBBERT
FS/LORD GORONWY
MR CORTAZZI
ROBERTS
MR FRETWELL
3