7.
Nor can we and other developed countries be expected to continue
to admit a wide range of imports from the NICs, unless they in
return are prepared to accept a similarly wide range of exports
from us. Trade must be two way.
That is the only way it can grow
on a fair and durable basis. I ask you to see the point in social
terms as well. We have to ask whole ranges of our industries to
accept increasing competition from you and other NICs. This is
competition which inevitably displaces some jobs in our countries.
I recognise that, in total, we may well have gained as many jobs from
increased exports to the NICs as we have lost to their import
competition. But it is difficult to persuade our managers and unions
that the trading system is working fairly, if the industries most
affected by imports from the NICs are shut out from your markets on
the export side.
8. We welcome the steps which you in South Korea have taken to open
your own market. We hope you will do more. Our main export success
so far in Korea has been in sales of high technology products, imports
of which by and large are not subject to restraint. But your imports
of many other products in which we have a world-wide reputation are
still heavily restricted. Examples are less advanced capital goods
and consumer goods such as Scotch whisky and high quality cloth. I
frankly see no reason why these should not be freely available in
Korea.
The Adjustment Problem
9.
Continuing growth in our exports to you and to other NICs implies
a willingness on our part, subject to reasonable safeguards, to take