WEDNESDAY, JULY 16, 1986
52
HK GOOD MARKET FOR U.S. GOODS - SIR EDWARD
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HONG KONG PROVIDES A GOOD MARKET FOR AMERICAN PRODUCTS, THE GOVERNOR, SIR EDWARD YOUDE, TOLD AN AUDIENCE IN SEATTLE ON WEDNESDAY (THURSDAY, HK TIME), AND STRESSED THAT +WE PRACTICE FREE TRADE AND OPEN OUR MARKETS TO ALL+.
+ON A PER CAPITA BASIS, WE IMPORT FROM THE U.S. FAR MORE THAN THE U.S. IMPORTS FROM US. ON THE SAME PER CAPITA BASIS, WE IMPORT OVER THREE TIMES MORE FROM YOU THAN, FOR EXAMPLE, THE E.E.C. AND JAPAN.+
SIR EDWARD WAS ADDRESSING A LUNCH CO-HOSTED BY THE WASHINGTON COUNCIL ON INTERNATIONAL TRADE AND THE WASHINGTON STATE CHINA RELATIONS COUNCIL, ON UNITED STATES/HONG KONG TRADE RELATIONS: OPPORTUNITIES FOR TRADE AND INVESTMENT+,
HE NOTED THAT HONG KONG WAS A LEADING MARKET FOR U.S. EXPORTS OF SUCH ITEMS AS WASHINGTON APPLES AND CHERRIES AND CALIFORNIAN ORANGES. OTHER MAJOR IMPORTS OF AMERICAN GOODS INCLUDED INTEGRATED CIRCUITS AND ELECTRONIC COMPONENTS, TEXTILE YARNS AND COTTON.
SIR EDWARD ALSO POINTED TO THE AIRCRAFT THAT CATHAY PACIFIC AIRWAYS BOUGHT FROM THE SEATTLE-BASED BOEING COMPANY.
HE SAID: +DURING THE SIX YEAR PERIOD FROM 1979 TO 1985, CATHAY PACIFIC HAS INVESTED MORE THAN U.S. $635 MILLION IN BOEING AIRCRAFT AND EQUIPMENT.
+LOOKING FORWARD TO THE NEXT SIX YEARS, IT HAS ALREADY PLACED FIRM ORDERS FOR FOUR BOEING 747'S AND IS CONSIDERING PURCHASING MORE.
+IT MAY WELL ILLUSTRATE THE POINT I AM TRYING TO MAKE IF
I SAY THAT IT TAKES A LOT OF KNITTED SWEATERS TO PAY FOR A SINGLE 747.+
SIR EDWARD ADDED: +WE BELIEVE THAT THERE ARE AMPLE OPPORTUNITIES FOR FURTHER EXPANSION OF THIS TRADE WHICH WOULD BENEFIT BOTH THE HONG KONG AND UNITED STATES CONSUMERS.+
HE EXPLAINED HOW HONG KONG DEPENDED ON TRADE. IN 1985, TOTAL TRADE AMOUNTED TO US$60 BILLION: ABOUT 90 PER CENT OF MANUFACTURED PRODUCTS WERE SOLD OVERSEAS, WITH 44 PER CENT OF DOMESTIC EXPORTS BEING SOLD IN THE U.S. MARKET,
THE GOVERNOR SAID TARIFF OR NON-TARIFF BARRIERS WERE NOT FOUND IN HONG KONG BECAUSE OF THE ADOPTION OF FREE TRADE AND OPEN MARKET POLICIES.
IN THIS RESPECT, IT WAS UNDERSTANDABLE THAT HONG KONG SHOULD BE CONCERNED WITH THE GROWTH OF PROTECTIONISM IN ITS MAJOR MARKETS.
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