MONDAY, MARCH 2, 1987
ADVANTAGES OF MAINTAINING FREE MARKETS STRESSED
*****
HONG KONG LOOKS TO SWITZERLAND, AND OTHER LIKE-MINDED TRADING PARTNERS, TO WORK FOR INCREASED ACCESS TO EACH OTHER'S MARKETS AND TO IMPROVE THE DISCIPLINE PROCEDURES WITHIN THE MULTILATERAL FRAMEWORK, THE FINANCIAL SECRETARY, MR PIERS JACOBS, SAID THIS (MONDAY) AFTERNOON.
+THIS WILL BE ADVANTAGEOUS TO EVERYONE BECAUSE FREE TRADE BRINGS ABOUT INCREASED TRADE FOR ALL.*
SPEAKING AT THE BUSINESS LUNCH OF THE SWISS ASSOCIATION OF HONG KONG, MR JACOBS SAID TRADE BETWEEN HONG KONG AND SWITZERLAND HAD GROWN STEADILY IN RECENT YEARS, WITH AN AVERAGE ANNUAL GROWTH RATE OF SOME 8 PER CENT FROM 1981 TO 1985.
+LAST YEAR, WE SAW A PARTICULARLY ENCOURAGING PERFORMANCE IN
OUR TOTAL TRADE- A JUMP OF 39 PER CENT OVER 1985.+
TRADE BALANCE WAS HEAVILY IN SWITZERLAND'S FAVOUR, MR JACOBS ADDED, AND IN 1986, IMPORTS FROM SWITZERLAND WERE MORE THAN DOUBLE OF HONG KONG'S EXPORTS TO SWITZERLAND.
+HOWEVER, AS WE TRADE ON A MULTILATERAL BASIS, A PRECISE BILATERAL BALANCE OF TRADE IS NOT WHAT WE SEEK. INSTEAD, WE ENDEAVOUR TO INCREASE OUR TRADE OVERALL, HE ADDED.
NOTING THAT SWITZERLAND WAS THE 10TH LARGEST TRADING PARTNER OF HONG KONG AND HONG KONG THE 12TH FOR SWITZERLAND, MR JACOBS SA D HE BELIEVED THERE WERE AMPLE OPPORTUNITIES FOR FURTHER EXPANSION, WHICH WOULD BENEFIT BOTH HONG KONG AND SWISS CONSUMERS.
*THE DEPENDENCE OF OUR ECONOMIES ON EXTERNAL TRADE, AND OUR PRACTICE OF FREE TRADE POINT TO THE POTENTIAL FOR OUR TIES TO BE BOOSTED, HE SAID.
+I AM SURE, THEREFORE, THAT IT IS IN OUR INTEREST TO WORK FOR FREE TRADE NOT ONLY IN THE HONG KONG-SWITZERLAND BILATERAL CONTEXT BUT ALSO IN THE WIDER INTERNATIONAL CONTEXT.+
MR JACOBS SAID THAT PROTECTIONISM REMAINED A THREAT TO HONG KONG AND TO THE WORLD'S TRADING SYSTEM.
+IN THIS CONNECTION, THE URUGUAY ROUND OF MULTILATERAL TRADE NEGOTIATIONS, HELD UNDER THE AUSPICES OF THE GENERAL AGREEMENT ON TARIFFS AND TRADE, PRESENTS US WITH AN OPPORTUNITY TO HALT THE TENDENCY TOWARDS PROTECTIONISM AND TO LIBERALISE THE INTERNATIONAL TRADING REGIME, HE ADDED.
/TURNING TO