if'
6.
THIS DOES NOT MEAN, HOWEVER, THAT THE DAMAGE IS REMOVED. WHAT IS LOST, THE SPOKESMAN SAID, IS THE OPPORTUNITY FOR TRADE TO GROW AS THE MARKET RECOVERS, WHICH IT IS SHOWING SIGNS OF DOING, AND THEREFORE FOR JOB OPPORTUNITIES IN THESE SECTORS TO INCREASE.
7. THIS APPLIES NOT ONLY TO THE CATEGORIES WHICH HAVE FACED THE MOST SEVERE CUTBACKS, BUT ALSO TO MOST OTHER MAJOR ITEMS IN CLOTHING EXPORTS TO THE EEC. LIMITS AND GROWTH RATES FOR THESE FROM 1978 ONWARDS ARE! WELL BELOW THOSE TO WHICH HONG KONG COULD LEGITIMATELY HAVE ASPIRED UNDER THE RULES OF THE MULTI-FIBRE ARRANGEMENT.
8. AND, IT MUST BE REMEMBERED, THE EEC AGREEMENT RUNS FOR FIVE YEARS SO THE EFFECTS WILL BE OF LONG DURATION.
9. ALL IN ALL, THE SPOKESMAN SAID, THE DAMAGE IS SOMEWHAT LESS THAN WOULD HAVE BEEN THE CASE IF THE ORIGINAL EEC PROPOSALS HAD BEEN FORCED UPON US.
10. THE CONSEQUENCES IN TERMS OF THE GROWTH OF THE HONG KONG ↑ ECONOMY ARE, HOWEVER, DIFFICULT TO PREDICT,. BUT IF OTHER
MARKETS AND OTHER INDUSTRIES CANNOT COMPENSATE FOR THE LOSS
IN GROWTH POTENTIAL IN SALES OF TEXTILES AND CLOTHING TO THE EEC, THE GROWTH IN OUR GROSS DOMESTIC PRODUCT ILL BE ADVERSELY AFFECTED.
FROM DTIC
SENT ON 7/12/77 PM
SW
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