44
WEDNESDAY, MAY 4, 1988
+
HE SAID THAT NOW PRESIDENT REAGAN HAD
THREATENED TO VETO THE REQUIRE BUSINESSES TO
BILL
WOULD DUE LARGELY TO A PROVISION THAT GIVE WORKERS AND COMMUNITIES 60 DAYS' NOTICE BEFORE INSTITUTING LAYOFFS OR CLOSING PLANTS WITH MORE THAN 100 EMPLOYEES THE FOCUS OF ATTENTION WAS ON WHAT WAS LIKELY TO HAPPEN AFTER THE ANTICIPATED VETO.
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'AS I SEE IT, THE LEGISLATION HAS MOVED AWAY FROM ITS ORIGINAL FORM WHICH CONTAINED A LOT OF PROTECTIONIST AND OBJECTIONABLE PROPOSALS, HE SAID.
"THERE ARE STILL A COUPLE OF TECHNICAL AREAS (FOR ANTI-CIRCUMVENTION PROVISION TO EXPAND THE COVERAGE OF ORDERS) WHICH WE SHALL HAVE TO STUDY MORE CAREFULLY LIKELY IMPACT ON HONG KONG.
"APART FROM THESE, THE FINAL VERSION REPRESENTED A SIGNIFICANT IMPROVEMENT AS CONCERNED."
TO
EXAMPLE, THE ANTI-DUMPING
ASSESS THEIR
OF THE TRADE BILL HAS FAR AS HONG KONG IS
MR LO ADDED THAT HE EVEN BELIEVED THAT THERE WERE A NUMBER OF PROVISIONS IN THE TRADE BILL WHICH SHOULD HAVE A POSITIVE IMPACT ON THE WORLD TRADING SYSTEM.
"I REFER то THE HARMONISED SYSTEM AND THE NEGOTIATING AUTHORITY PROVISION. UNDER THE TRADE BILL, THE HARMONISED SYSTEM WILL BE IMPLEMENTED ON JANUARY 1, 1989, HE SAID.
+
"ON NEGOTIATING AUTHORITY, THE PRESIDENT IS PROVIDED WITH FAST-TRACK IMPLEMENTATION AUTHORITY FOR BILATERAL AND MULTILATERAL AGREEMENTS ENTERED INTO BEFORE MAY 31, 1993.
"THE PRESIDENT WOULD BE AUTHORISED TO PROCLAIM TARIFF REDUCTIONS SUBJECT ΤΟ CERTAIN CRITERIA AND WITHOUT CONGRESSIONAL REVIEW OR APPROVAL.
MR LO NOTED THAT SUCH AUTHORITY WAS REQUIRED IF THE UNITED STATES WAS TO CONTINUE TO BE ONE OF THE KEY PLAYERS IN THE URUGUAY ROUND OF THE GATT MULTILATERAL TRADE NEGOTIATIONS CURRENTLY TAKING PLACE IN GENEVA.
THE LACK OF "FAST-TRACK" NEGOTIATING AUTHORITY ON THE PART OF THE UNITED STATES MIGHT CLOUD THE PROSPECT OF GOOD PROGRESS IN THESE NEGOTIATIONS.
"HONG KONG BELIEVES THE URUGUAY ROUND IS AN IMPORTANT GLOBAL INITIATIVE TO REVITALISE THE MULTILATERAL TRADING SYSTEM AND ACHIEVE EXPANSION OF INTERNATIONAL TRADE, HE SAID.
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"THIS IS PARTICULARLY IMPORTANT AT A TIME WHEN PROTECTIONISM PREVAILS AND MANY COUNTRIES HAVE THE TENDENCY ΤΟ RESORT TO UNILATERAL RESTRICTIVE MEASURES."
FOLLOWING HIS STAY IN SEATTLE, MR LO WAS TO CONCLUDE OF THE WEST COAST OF NORTH AMERICA WITH A TWO-DAY VISIT TO IN CANADA.
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HIS
TOUR VANCOUVER