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THURSDAY, MARCH 10, 1988
HONG KONG WELCOMES JAPAN'S OPENING UP GOVERNOR
HONG KONG WELCOMES THE EFFORTS MADE BY JAPAN TO OPEN ITS MARKETS AND RECOGNISES THE NEED ΤΟ MAKE EVEN GREATER EFFORTS TO PROMOTE ITS EXPORTS TO JAPAN, THE GOVERNOR, SIR DAVID WILSON, SAID
IN TOKYO TODAY (THURSDAY).
SPEAKING AT A LUNCHEON HOSTED BY THE JAPAN-HONG KONG SOCIETY DURING HIS FOUR-DAY VISIT TO JAPAN, SIR DAVID SAID ALTHOUGH TRADE BETWEEN HONG KONG AND JAPAN HAD INCREASED BY 92 PER CENT TO ALMOST 1,700 BILLION YEN BETWEEN 1983 AND 1987, AND HAD GONE UP 32 PER CENT LAST YEAR ALONE, HONG KONG STILL HAD A MASSIVE TRADE DEFICIT WITH JAPAN, TOTALLING A RECORD 973 BILLION YEN IN 1987.
HONG KONG NOW IMPORTED FROM JAPAN MORE THAN SEVEN TIMES AS MUCH AS THE COUNTRY IMPORTED FROM HONG KONG, HE SAID.
SIR DAVID EMPHASISED THAT HONG KONG BELIEVED IN FREE AND OPEN MULTILATERAL TRADE.
HE SAID: "WE RECOGNISE THAT DIFFERENCES IN SIZE, OUTPUT AND NEED MAKE IT IMPOSSIBLE TO HAVE A TRADE BALANCE WITH EACH INDIVIDUAL TRADING PARTNER. WE WOULD NEVER ATTEMPT TO ACHIEVE THIS ARTIFICIALLY.
"THERE ARE NO TARIFF OR NON-TARIFF BARRIERS TO IMPORTS INTO HONG KONG. WE WELCOME JAPANESE EXPORTS TO HONG KONG, BECAUSE WE VALUE YOUR COUNTRY AS A SOURCE OF SUPPLY OF HIGH QUALITY AND RELIABLE PRODUCTS.
"NEVERTHELESS, WE ARE CONCERNED AT THE SIZEABLE TRADE GAP
BETWEEN US."
SIR DAVID SAID THAT IN THE LAST TWO YEARS, THE GROWTH OF HONG KONG'S DOMESTIC EXPORTS TO JAPAN, WHICH HAD GONE UP BY 112 PER CENT HAD BEEN VERY ENCOURAGING IN PERCENTAGE TERMS.
"THIS IS GOOD NEWS. BUT
■
WE
FIGURES ARE STILL SMALL,' HE NOTED.
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MUST RECOGNISE THAT THE VOLUME
"IT IS FOR THESE REASONS THAT WE WELCOME THE EFFORTS BEING MADE BY JAPAN TO OPEN ITS MARKETS FURTHER, HE ADDED.
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SIR DAVID CITED THE ACTION PROGRAMME FOR IMPROVED MARKET ACCESS INTRODUCED BY JAPAN IN MID-1985 AS AN EXAMPLE OF THESE EFFORTS.
"WE HAVE ALSO WATCHED WITH GREAT INTEREST THE CURRENT EFFORTS TO RESTRUCTURE THE JAPANESE ECONOMY TO ENCOURAGE DOMESTIC DEMAND, HE SAID.
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SIR DAVID CONTINUED: "WE BELIEVE THAT A FURTHER REDUCTION OF -TARIFF RATES IN PARTICULAR WOULD BE BENEFICIAL BOTH ΤΟ THE JAPANESE
CONSUMER AND TO JAPAN'S IMAGE AS A LEADING WORLD TRADING NATION.
/"IF WE