TUESDAY, JULY 15, 1986
1
GOVERNOR SPEAKS OUT FOR FREE TRADE
*****
IT IS NOT IN THE WIDER OR LONG TERM INTERESTS OF THE UNITED STATES ITSELF THAT THOSE LIKE HONG KONG, WHO ADVOCATE AND PRACTISE SCRUPULOUSLY THE PRINCIPLES OF FREE TRADE, SHOULD SUFFER BECAUSE OTHERS DO NOT DO SO, THE GOVERNOR, SIR EDWARD YOUDE, SAID IN SAN FRANCISCO.
SPEAKING TO THE WORLD AFFAIRS COUNCIL OF NORTHERN CALIFORNIA ON MONDAY (TUESDAY, HK TIME), SIR EDWARD SAID, TO ALLOW THAT TO HAPPEN WOULD BE TO DAMAGE THE CREDIBILITY OF THE CALLS FOR FREER TRADE IN GOODS AND SERVICES WHICH THE UNITED STATES SEEKS SO ACTIVELY TO PROMOTE.+
HE NOTED THAT THE FUTURE OF HONG KONG DID NOT DEPEND ONLY ON BRITAIN AND CHINA, OR ON HONG KONG'S OWN EFFORTS, BUT DEPENDED VERY MUCH ON WORLD TRADE AND THUS ON THE HEALTH OF THE WORLD ECONOMY.
+THAT IS WHY WE ARE SO SERIOUSLY CONCERNED WITH PROTECTIONIST SENTIMENT WHEREVER IT APPEARS IN THE WORLD, AND PARTICULARLY WITH SUCH SENTIMENT IN THE UNITED STATES AT THE PRESENT TIME. +
+
HE SAID, +WE FULLY RECOGNISE THAT THE PROBLEMS OF WORLD TRADE ARE NOT FOR THE UNITED STATES ALONE, AND THAT OTHER ADVANCED COUNTRIES OF THE PACIFIC SHOULD PLAY THEIR PART IN FINDING SOLUTIONS TO THE PROBLEMS WHICH GENERATE THAT SENTIMENT.
+WE FERVENTLY HOPE FOR A SOLUTION TO THE PROBLEMS WHICH EXIST BETWEEN THE ECONOMIC GIANTS. BUT WE ALSO ASK THAT WE WHO OFFER A FREE AND OPEN MARKET TO ALL SHOULD NOT SUFFER BECAUSE OF THOSE PROBLEMS.+
THE GOVERNOR DESCRIBED HONG KONG'S EMERGENCE AS ONE OF THE WORLD'S LEADING TRADING ECONOMIES, NOW RANKING 13TH, AHEAD OF DOZENS OF ECONOMIES WITH POPULATIONS MUCH LARGER THAN THE TERRITORY'S 5-1/2 MILLION.
HE SAID: THE LARGEST ELEMENT IN OUR ECONOMY IS STILL OUR LIGHT MANUFACTURING SECTOR. BUT HONG KONG HAS TAKEN FULL ADVANTAGE OF ITS POSITION, AND ITS FINE NATURAL HARBOUR OUR ONLY NATURAL RESOURCE - TO BECOME A MAJOR COMMUNICATIONS CENTRE IN EAST ASIA, AND MORE RECENTLY A MAJOR FINANCIAL AND BANKING CENTRE.+
HONG KONG WAS THEREFORE AN ECONOMY OF SOME IMPORTANCE IN THE ASIA-PACIFIC REGION.
+OUR MAIN TRADING PARTNERS ARE, LIKE US, LOCATED ON THE PACIFIC RIM, THE THREE BIGGEST ARE THE UNITED STATES, CHINA AND JAPAN.
+WE HAVE VALUABLE TRADING LINKS WITH OUR OTHER PACIFIC NEIGHBOURS SUCH AS CANADA, AUSTRALIA, KOREA AND TAIWAN.
/+ EUROPE TOO