TRADE AND INDUSTRY
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secretariat services are also available on site. The incubation programme will eventually accommodate about 30, start-up, technology-based companies.
The centre is also developing technology transfer capabilities. To this end, it sponsors and organises technology transfer and innovative technology seminars. It intends to establish links with tertiary institutions and industrial support organisations to facilitate technology transfer among companies in the programme and local industry. Through its technology transfer support services, the HKITCC assists tenants by brokering and licensing technology, and by providing referrals for research, design and development contract services.
External Commercial Relations
Hong Kong possesses full autonomy in the conduct of its external commercial relations. The Governor is entrusted with executive authority to conduct external relations on behalf of the territory, including the conclusion and implementation of trade agreements, whether bilateral or multilateral, with states, regions and international organisations.
Within the context of the government's free trade policy, Hong Kong's commercial relations are designed to ensure that its trading rights in overseas markets are protected and that its international obligations are fulfilled. The territory's success is reflected in the steady rise in the value and sophistication of its exports in recent years.
--General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (GATT) is the cornerstone of Hong Kong's -external trade relations. It was drawn up in 1948 to help promote international trade and, consequently, world economic development, by reducing tariffs and trade barriers. Up to 1986, Hong Kong participated in the GATT as a part of the United Kingdom delegation. Since April 1986, the territory has become a separate contracting party to the GATT in its own right. This status will continue beyond 1997, reflecting Hong Kong's autonomy in the conduct of its external commercial relations as guaranteed under the Sino-British Joint Declaration on the Question of Hong Kong and the Basic Law of the Hong Kong Special Administrative Region.
Hong Kong participated actively in the Uruguay Round (UR) of multilateral trade negotiations held under the auspices of the GATT since its launching in 1986. The major objectives of the Round were to further liberalise trade and to strengthen the disciplines of the multilateral trading system. The UR negotiations were concluded on December 15, 1993, after seven years of protracted negotiation. On April 15, 1994, Hong Kong signed the UR Final Act and, on October 1, 1994, completed the ratification process for the Marrakesh Agreement Establishing the World Trade Organisation.
The successful implementation of the UR will bring substantial economic benefits to the world, and in particular to major trading entities like Hong Kong. Agreements reached in UR negotiations include an integrated dispute settlement system; tighter disciplines in areas covered by existing GATT agreements, such as anti-dumping and subsidies; and the extension of multilateral trading rules to trade in services, intellectual property rights and investments.
Perhaps the most significant achievement of the UR is the strengthening of the multilateral trading system by the creation of the new World Trade Organisation (WTO) to