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FRIDAY, NOVEMBER 4, 1988
ECC SINGLE MARKET OFFERS OPPORTUNITIES FOR HK
HONG KONG HAS GOOD REASON TO BE EXCITED ABOUT THE OPPORTUNITIES FOR GROWTH PRESENTED BY THE EUROPEAN ECONOMIC COMMUNITY'S SINGLE MARKET PROGRAMME, THE SECRETARY FOR TRADE AND INDUSTRY, MR HAMISH MACLEOD, SAID TODAY (FRIDAY).
SPEAKING AT THE OPENING OF A CONFERENCE ON EUROPE FIRST EVER HELD IN HONG KONG, MR MACLEOD SAID THE STATED OF THE PROGRAMME WAS FIRST AND FOREMOST ABOUT GROWTH.
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1992, THE OBJECTIVES
INTERNAL MOVEMENT
'IT AIMS ΤΟ ACHIEVE GROWTH THROUGH DISMANTLING BARRIERS TO TRADE, STIMULATING COMPETITION, LIBERALISING THE OF CAPITAL AND THE PROVISION OF FINANCIAL SERVICES, AND DE-REGULATION," HE SAID.
"IT IS ALSO A MOVE WHICH IS THOROUGHLY FAMILIAR AND WELCOME HONG KONG AS THE WORLD'S MOST MARKET-ORIENTED ECONOMY.
ΤΟ
"IF THE COMMUNITY SUCCEEDS IN ACHIEVING A LEAP IN ECONOMIC GROWTH THROUGH STIMULATING COMPETITION AND ENTERPRISE, THE BENEFITS THAT PROJECT 1992 WOULD BRING TO WORLD TRADE, AND HENCE TO WORLD ECONOMIC GROWTH WOULD BE SIGNIFICANT.
"OUR OPEN TRADING SYSTEM AND OUR MARKET-ORIENTED ECONOMY HAVE WORKED EXTREMELY WELL FOR US, AND DESPITE OUR SMALL SIZE, WE HAVE BECOME THE WORLD'S 13TH LARGEST TRADING ECONOMY."
HOWEVER, MR MACLEOD TOLD THE CONFERENCE, ORGANISED BY THE TRADE DEPARTMENT AND TRADE DEVELOPMENT COUNCIL AT THE HOTEL VICTORIA, THAT HONG KONG DID HAVE CONCERNS ABOUT THE 1992 PROJECT.
IT NEEDED MORE INFORMATION ABOUT UNDERPINNINGS OF THE PROGRAMME AND THE WAY THE ABOUT IMPLEMENTING IT.
THE
THEORETICAL COMMUNITY WOULD GO
"THERE IS CONCERN LEST LN THE COURSE OF REMOVING INTERNAL BARRIERS, THE COMMUNITY GIVES IN TO DEMANDS FOR INCREASED PROTECTION FROM SPECIFIC SECTORS, OR GOES FURTHER DOWN THE PATH OF BILATERAL OR REGIONAL DEALS, WHICH WOULD BE DETRIMENTAL TO THE MULTILATERAL SYSTEM, HE SAID.
"IT WOULD INDEED BE DAMAGING IF, WHILE TEARING INTERNAL BARRIERS, THE COMMUNITY ENDS UP DISCOURAGING TRADE REST OF THE WORLD.
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MR MACLEOD REITERATED THAT HONG KONG WAS COMMITTED TO FREE TRADE AS WAS EVIDENCED BY ITS OPEN TRADING SYSTEM AND STRONG SUPPORT OF THE MULTILATERAL SYSTEM AT THE GENERAL AGREEMENT ON TRADE AND TARIFFS (GATT).
THE TERRITORY IMPORTED MORE FROM THE COMMUNITY THAN DID SINGAPORE, SOUTH KOREA OR TAIWAN, HE ADDED.
CHINA,
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