SATURDAY, NOVEMBER 30, 1985
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+ THE DRAFT PROPOSES THAT THE PRESENT THEORETICAL PRODUCT COVER WOULD REMAIN; THE SAME AS IN THE EXISTING AGREEMENTS,+ SAID MR WONG.
+ BUT IT SAYS THAT IT SHOULD BE CLEARLY UNDERSTOOD THAT THIS DOES NOT MEAN LIMITATION. ON THE CONTRARY, THE COMMISSION PROPOSES THAT CERTAIN PRESENT QUANTITATIVE LIMITS SHOULD BE DONE AWAY WITH FOR CATEGORIES WHERE THE QUANTITIES HAVE BEEN GREATLY UNDER-UTILISED BY THE COUNTRIES TO WHICH THEY WERE ACCORDED, IT ALSO ENVISAGES GREATER FLEXIBILITY IN THE BREAKDOWN BETWEEN THE MEMBER STATES.+
IT IS ALSO SUGGESTED THAT DIFFERENTIATION SHOULD BE MADE IN IMPORT GROWTH LEVELS BETWEEN COUNTRIES AND ACCORDING TO THE SENSITIVITY OF THE PRODUCTS THAT THE MECHANISM WHICH ALLOWS NEW QUANTITATIVE LIMITS TO BE ESTABLISHED DURING THE LIFE OF AN AGREEMENT BE MAINTAINED BUT LIBERALISED THAT RESTRICTIONS ON HAND-MADE PRODUCTS BE DROPPED AND THAT THE POSSIBILITY OF NEGOTIATING SPECIFIC LEVELS FOR OUTWARD PROCESSING TRAFFIC WILL BE RETAINED BY INCLUDING THEM IN THE AGREEMENTS FOR ALL INVOLVED EXPORTING COUNTRIES, INCLUDING EASTERN COUNTRIES.
+THIS DRAFT WILL NOW BE CONSIDERED BY THE MEMBER STATES AND THE COUNCIL OF MINISTERS - WITH A FINAL POSITION PROBABLY BEING DECIDED BY THE END OF THE YEAR,+ SAID MR WONG.
HONG KONG WELCOMES GATT MOVE
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THE ACTING DIRECTOR OF TRADE, MR PAUL WONG, TODAY (SATURDAY) WELCOMED THE DECISION BY THE GENERAL AGREEMENT ON TARIFFS AND TRADE TO SET UP A PREPARATORY COMMITTEE TO PAVE THE WAY FOR A NEW ROUND OF INTERNATIONAL TRADE TALKS.
COMMENTING ON THE IMPLICATIONS FOR HONG KONG, MR WONG SAID: *THE MOVE TOWARDS A NEW ROUND IS SIGNIFICANT FOR HONG KONG, BECAUSE THE UNDERLYING OBJECTIVES OF LIBERALISING TRADE AND REINFORCING THE DISCIPLINES OF THE INTERNATIONAL TRADING SYSTEM ARE OF COURSE FULLY SUPPORTED BY HONG KONG.
+ATTEMPTS TO MOVE IN THAT DIRECTION MAY WELL HELP TO HOLD BACK PROTECTIONIST PRESSURES IN THE UNITED STATES AND ELSEWHERE.+
MR WONG STRESSED HOWEVER THAT THE DECISION REACHED BY THE 90-MEMBER NATIONS OF GATT AT ITS ANNUAL MEETING WHICH ENDED ON THURSDAY ONLY COVERED THE ESTABLISHMENT OF A PREPARATORY COMMITTEE. THE QUESTION OF WHETHER OR NOT TO GO AHEAD WITH A NEW ROUND HAS TO BE TAKEN LATER IN THE LIGHT OF THE PREPARATORY COMMITTEE'S RECOMMENDATIONS.
A NEW ROUND, IF IT IS DECIDED TO BE HELD, WOULD ALSO BE SIGNIFICANT FOR HONG KONG BECAUSE OF ITS POSSIBLE EFFECTS ON A FIELD OF MAJOR IMPORTANCE TO IT - THE TEXTILES SECTOR.
/+IT MAY