9-
MULTI-FIBRE ARRANGEMENT
25.
!
}
I realise the uncertainties and pressures that worry so many
of our businessmen in spite of the comparative buoyancy of our economy.
They result from the restrictive measures of various sorts in our leading
markets aimed at containing inflation, for the time being with resultant constraints on business activities and uncertainty in the foreign exchange and stock markets of the world. Nevertheless in spite of it all we have
not done too badly so far. But there is one particular point of
concern hanging over our textile exports. The expiry of the Multi-Fibre
Arrangement at the end of this year, and the requirement for its renegotiation
cast big shadow on the future of our textile and apparel exports which
provide jobs for nearly half our industrial workforce. Its renegotiation on
satisfactory terms is a major objective of your government. The developing
countries have never been so united in their determination to secure a fairer
better-defined MFA under whose provisions their bilateral trade with developed
with
countries can be conducted. Our negotiators will shortly be meeting again
with those from other developing countries to seek out a common position for
the next round of negotiations in Geneva in November. But we have no illusions
about our situation. With recession and high unemployment the governments of
developed countries are under immense political pressure to take a hard line
however irrelevant statistics may prove our exports have been to that recession
and unemployment.
26.
:
At this point one cannot predict the outcome. Fortunately we have
some of the best negotiators in the textile world and they are ably advised
by the Textile Advisory Board. We will play a full part in our own right
in the negotiations and vigorously defend the interests of our industry.
We also look to the U.K to see that the special circumstances of Hong Kong
are recognised and that we get fair treatment.
CONCLUSION
27.
As you will have noted, in spite of dark patches, this picturc
of cur situation is favourable against the background of an unfavourable
But I am obliged to emphasise three unfavourable
worldwide situation.
features.
/28.