7
THIS POINT TODAY, OTHER THAN TO SAY THAT THE
REGULATIONS HAVE DISRUPTED LEGITIMATE TRADE UNDER OUR
BILATERAL AGREEMENT, AND HAVE CAUSED MUCH HARDSHIP TO
OUR KNITWEAR INDUSTRY. WE HOPE THAT THE UNITED STATES
WILL RESPOND FAVOURABLY BEFORE LONG TO OUR
REPRESENTATIONS WITHIN THE SPIRIT AND THE LETTER OF OUR
BILATERAL AGREEMENT AND THE MFA.
14.
IN THIS CONTEXT, WE WERE ENCOURAGED BY THE US
GOVERNMENT'S DECISION TO CONTINUE TO ACCEPT HONG KONG
AS A BENEFICIARY OF THE UNITED STATES GENERALISED
SYSTEM OF PREFERENCES UNDER THE RECENTLY ENACTED TRADE
AND TARIFF ACT. THIS STATUS IS IMPORTANT TO US. IN
1983 ABOUT US$1.1 BILLION WORTH OF IMPORTS FROM HONG
KONG BENEFITTED FROM THE GENERALISED SYSTEM OF
PREFERENCES. THERE ARE PROVISIONS IN THE ACT REQUIRING
THE PRESIDENT OF THE UNITED STATES TO MAKE A
HONG
COMPREHENSIVE REVIEW OF THE PRODUCTS AND IMPORTS FROM
BENEFICIARY TERRITORIES UNDER THIS NEW SYSTEM.
KONG WILL GIVE ITS FULL COOPERATION TO ANY SUCH REVIEW,
15.
THE UNITED STATES IS ALSO THE LARGEST SOURCE
OF OVERSEAS INVESTMENT IN HONG KONG'S MANUFACTURING
INDUSTRY, ACCOUNTING FOR 54 PER CENT OF THE TOTAL.
THERE ARE 130 FACTORIES IN HONG KONG WHOLLY OR PARTLY
OWNED BY US INTERESTS. THESE FACTORIES EMPLOY 39,700
WORKERS, REPRESENTING OVER 4% OF OUR INDUSTRIA!
/WORKFORCE