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FRIDAY, JULY 8, 198Ė
...
"COMPETITION FROM ABROAD HAS THUS PROVIDED A HEALTHY AND PRODUCTIVE STIMULUS TO THE DEVELOPMENT OF OUR SERVICES SECTOR, MR LO SAID.
LO
ON THE SUBJECT OF BILATERAL PERCEPTIONS OF TRADE PATTERNS, MR EXPRESSED CONCERN AT THE PRACTICE OF GROUPING FOUR QUITE DISSIMILAR TRADING ENTITLES "UNDER THE EXPENDIENT TAG 'THE FOUR ASIAN NIC'S'.'
Tr
"THIS IS A TERM WHICH HAS NEITHER POLITICAL NOR ECONOMIC LEGITIMACY. THESE FOUR 'NEWLY INDUSTRIALISED ECONOMIES' ARE NOT IN ANY FORM OF ECONOMIC OR POLITICAL UNION,
H
HE SAID.
"THRY EACH HAVE THEIR OWN AND QUITE DIFFERENT FORMS OF GOVERNMENT STRUCTURE AND ECONOMIC POLICY. GEOGRAPHICALLY THEY ARE NEITHER CLOSE NOR HOMOGENOUS.
BY
AND UNFAIR,
CERTAIN ASSUME GATT THEIR
"LUMPING THESE ECONOMIES TOGETHER IS UNJUSTIFIED ESPECIALLY WHEN COUPLED WITH STATEMENTS MADE INDUSTRIALISED COUNTRIES THAT THE NIE'S SHOULD GENERALLY OBLIGATIONS COMMENSURATE WITH THEIR LEVEL OF DEVELOPMENT AND STARK IN WORLD TRADE.
"
BONG KONG AND SINGAPORE bo NOT NEED LESSONS FROM THE INDUSTRIALISED COUNTRIES IN GATT OBLIGATIONS, MR LO POINTED OUT. THEY HAVE NEITHER TARIFF NOR NON-TARIFF BARRIERS TO TRADE, AND OFFER ENVIRONMENTS MOST CONDUCIVE TO FURTHER EXPANSION OF TRADE. *
MR LO WELCOMED SIGNS OF GREATER DISCERNMENT IN THE MOST RECENT REPORT OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT IN WHICH HONG KONG AND SINGAPORE ARE TREATED SEPARATELY, AND PARTICULAR REFERENCE IS MADE TO THE FACT THAT THESE TWO ECONOMIES HAVE CONTRIBUTED TO THE INCREASED SPECIALISATION UF WORLD TRADE WITHOUT PUTTING UNDUE STRAIN ON THE PROCESS OF GLOBAL MACROECONOMIC ADJUSTMENT.
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