2
MONDAY, NOVEMBER 3, 1986
+NEVERTHELESS, WE HAVE ACQUIESCED IN ACCEPTING THESE
AGREEMENTS SINCE THEY PROVIDE HONG KONG WITH THAT VITAL PERIOD OF STABILITY AND SECURITY FOR THE TEXTILES AND GARMENTS INDUSTRIES, + HE SAID.
MR JACOBS ALSO NOTED THAT ALTHOUGH PRESIDENT REAGAN'S VETO OF THE THURMOND-JENKINS' BILL WAS SUSTAINED, THE VERY NARROW MARGIN BY WHICH THIS WAS ACHIEVED POINTED TO THE STRENGTH OF THE PROTECTIONIST CAMP.
+ THE NEED TO KEEP UP OUR VIGILANCE TO COMBAT THE TENDENCY TOWARDS RESTRICTING TRADE FOR SHORT-TERM ILLUSIONARY GAINS HAS BY NO MEANS SUBSIDED,+ HE STRESSED.
IN APRIL THIS YEAR, IN IMPLEMENTATION OF THE SINO-BRITISH JOINT DECLARATION, HONG KONG BECAME THE 91ST CONTRACTING PARTY TO THE GATT.
MR JACOBS SAID THAT WITH THIS NEWLY ACQUIRED STATUS, HONG KONG WOULD CONTINUE TO MAKE ITS FULL CONTRIBUTION TO THE INTERNATIONAL TRADING REGIME, A CONTRIBUTION DESIGNED TO FURTHER LIBERALISE WORLD TRADE.
HE ALSO SAID A NEW ROUND OF MULTILATERAL TRADE NEGOTIATIONS HAD BEEN FORMALLY LAUNCHED FOLLOWING THE CONTRACTING PARTIES SESSION AT MINISTERIAL LEVEL HELD IN URUGUAY IN SEPTEMBER, AT WHICH HONG KONG WAS ALSO REPRESENTED.
THE URUGUAY ROUND, THE EIGHTH ONE HELD UNDER THE AUSPICES OF THE GATT, WOULD ADDRESS A NUMBER OF ISSUES IN WHICH HONG KONG HAD SUBSTANTIAL INTERESTS FOR EXAMPLE, SAFEGUARDS, QUANTITATIVE RESTRICTIONS AND OTHER NON-TARIFF BARRIERS, AND DISPUTE SETTLEMENT.
FOR THE FIRST TIME IN THE GATT'S HISTORY, TRADE IN SERVICES IN ADDITION TO TRADE IN GOODS WOULD BE DISCUSSED.
MR JACOBS SAID THE NEGOTIATIONS WOULD BE AIMED AT TRADE LIBERALISATION, IMPROVED MARKET ACCESS AND STRENGTHENED DISCIPLINE IN THE MULTILATERAL TRADING SYSTEM.
HE POINTED OUT THAT HONG KONG HAD ALREADY PARTICIPATED ACTIVELY IN THE PREPARATORY PROCESS LEADING TO THE NEW ROUND AND WOULD CONTINUE TO PLAY ITS FULL PART IN THE FORTHCOMING NEGOTIATIONS.
TURNING TO THE PERFORMANCE OF HONG KONG'S ECONOMY OVER THE PAST 12 MONTHS, MR JACOBS SAID IT HAD BEEN BETTER THAN EXPECTED.
HE SAID TO A LARGE EXTENT THE GROWTH HAS BEEN EXPORT-LED.
/DOMESTIC EXPORTS