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12.
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Ministers of GATT contracting parties are
now meeting in Uruguay to consider the launching of a
new round of
of multilateral trade negotiations. Hong
Kong has substantial interests in a number of subjects
being discussed, such as safeguards, quantitative
restrictions and other non-tariff barriers, and
dispute settlement. With the overall objective of
promoting further liberalisation in world trade, Hong
Kong has already participated actively in the
preparatory process for the new round. When formally
launched, Hong Kong will continue to participate in
the New Round.
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13.
A new
bilateral Textile Agreement covering
the period 1986 to 1991 was concluded with the United
States in June this year. Its restraint coverage is
extended to vegetable fibres, and silk and vegetable
fibre blends. The Agreement provides for little
growth in the quota limits, particularly at the
beginning of the period. Although there are some
modest improvements in the flexibility provisions, the
Agreement is more restrictive than the previous one,
and its effect on local industries will depend on the
extent to which Hong Kong manufacturers can make
appropriate adjustments.
/14. While