- 3
particularly to the developing countries (in 1980, textiles
accounted for 8.7% of world trade in manufactures, and 32%
of developing countries' exports of manufactures and semi-
manufactures).
7.
In Hong Kong's view, the Ministerial Meeting should work
towards achieving:
(a)
(b)
(c)
a recognition that the MFA is a temporary
derogation from the General Agreement on Tariffs
and Trade and resolve that textiles trade should
be liberalized within the shortest possible time
and to resolve that, meanwhile, restraints on
textiles should be applied only under the MFA
and that the rules of the MFA should be respected;
an in-depth examination of the economic impact
of the restraints and of the prospects that
would be offered to the developing countries by
the phasing out of the restraints; and
an examination of the modalities for the phasing
out of restrictions leading to the full applica-
tion of GATT rules to international trade in
textiles.
II. Hong Kong's Trade and Economic
Relations with the UK
.nnex 1
Annex 2
8.
Although the balance of visible trade between Hong Kong
and the UK has consistently been in Hong Kong's favour (see
Annex 1), the trend in recent years has been moving gradually towards parity. The ratio between Hong Kong's domestic
exports to the UK and Hong Kong's imports from the UK changed
from 1:0.72 in 1977 to 1:0.82 in 1981. Corresponding figures
in the case of the trade in manufactures (SITC Group 5-8) were
1:0.65 in 1977 to 1:0.77 in 1981 (see Annex 2).
9.
The...../-