6
Friday, February 8, 1974
Mr. Dorward said that the basic set of rules which have provided
Hong Kong with its main protection against unfair and unreasonable
treatment are in the General Agreement on Tariffs and Trade (GATT).
"I don't think I can stress too strongly how important the
protection of the GATT has been for Hong Kong," he said.
"If the situation in the 1950s and 1960s had been similar to
what it was back in the 1930s when there was no GATT, then I seriously
doubt if Hong Kong's success in international trade would have been nearly
as great.
"Many of our industries would have found themselves faced with
barriers of one kind or another in important markets as soon as they have
begun to penetrate those markets."
Mr. Dorward said that, in negotiating trade agreements, Hong Kong
being a free port really had no concessions to give in the normal sense
because it does not restrict imports to protect local industry nor does it
have a custom tariff,
It was also well known here and abroad that except under the most
extreme provocation, Hong Kong would not move away from its free port policy
to retaliate.
"I think that the secret of our modest success is that we do our
homework very thoroughly and, when we make a deal, we live up to it. As
a result Hong Kong has, I believe, a reputation in international trade policy
circles for knowing its business and acting with integrity. And believe
me that reputation is worth money in the bank."
/Mr. Dorward said