MONDAY, JANUARY 6, 1992
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COMING YEAR EVENTFUL FOR EXTERNAL TRADE: STI
THE SECRETARY FOR TRADE AND INDUSTRY. MR. T.H.CHAU, SAID TODAY (MONDAY) THE COMING YEAR SHOULD BE AN EVENTFUL ONE FOR HONG KONG, WITH A SERIES OF SIGNIFICANT EVENTS WHICH COULD HAVE PROFOUND IMPLICATIONS FOR HONG KONG'S EXTERNAL TRADE TAKING SHAPE.
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SPEAKING ON "OUTLOOK FOR HONG KONG'S EXTERNAL TRADE" AT A SEMINAR ORGANISED BY THE CHINESE GENERAL CHAMBER OF COMMERCE, MR SAID THESE EVENTS INCLUDE THE CONCLUSION OF THE URUGUAY ROUND, THE FORMATION OF THE SINGLE EUROPEAN MARKET, THE FURTHER OPENING-UP OF EASTERN EUROPE, DEVELOPMENTS IN US/CHINA TRADE RELATION, AS WELL AS THE CONTINUED ECONOMIC GROWTH IN THE ASIA PACIFIC AREA.
MR CHAU SAID THE STATE OF TRADE RELATION BETWEEN CHINA AND THE UNITED STATES HAS RECEIVED A GREAT DEAL OF PRESS ATTENTION RECENTLY.
"TRADE CONFLICTS BETWEEN THE US AND CHINA ARE BOUND TO AFFECT HONG KONG, HE SAID.
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CHINA AND THE US TOGETHER ACCOUNTED FOR ALMOST HALF OF HONG KONG'S TOTAL TRADE IN 1990, AND 69 PER CENT OF CHINESE GOODS DESTINED ~: FOR THE US MARKET ARE RE-EXPORTED THROUGH THE TERRITORY, MR CHAU SAID.
HE SAID THE SPECIAL 301 ACTION AGAINST CHINA IS ESSENTIALLY A BILATERAL DISPUTE BETWEEN THE US AND CHINA.
"WE HAVE ON MANY PREVIOUS OCCASIONS EXPRESSED то THE US AUTHORITIES OUR CONCERN THAT ANY RETALIATORY ACTION AGAINST CHINA MIGHT HAVE AN ADVERSE EFFECT ON HONG KONG'S ECONOMY, HE SAID.
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"REPEATEDLY, WE HAVE BEEN ASSURED BY THE US AUTHORITIES THAT, IN THE EVENT THAT RETALIATORY ACTION BECOMES UNAVOIDABLE, THEY WOULD TAKE OUR CONCERNS INTO ACCOUNT.
"WE HOPE, HOWEVER, THAT THE TWO SIDES WILL BE ABLE TO RESOLVE THEIR DIFFERENCE AND THAT RETALIATORY ACTION WOULD NOT BE NECESSARY, HE ADDED,
ON THE MOST-FAVOURED-NATION STATUS FOR CHINA WHICH MAY AFFECT TRAVE ACROSS THE BOARD, MR CHAU SAID THE HONG KONG GOVERNMENT IS MONITORING WITH GREAT CARE FURTHER DEVELOPMENTS, AND SHALL INTENSIFYING LOBBYING EFFORTS IN WASHINGTON.
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ON THE URUGUAY ROUND OF TALKS ON THE GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT), MR CHAU SAID A RENEWED EFFORT IS NOW BEING MADE TO CONCLUDE THE SUBSTANTIVE NEGOTIATIONS FOR THE ROUND IN EARLY THIS YEAR.
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THE PROGRAMME IN THE GATT TO PHASE OUT THE RESTRICTIONS UNDER EXISTING MULTIFIBRE ARRANGEMENT (MFA), AND TO RETURN TRADE IN TEXTILES TO NON-DISCRIMINATORY GATT RULES OVER THE NEXT DECADE OR 80, IS OF PARTICULAR IMPORTANCE TO HONG KONG, MR CHAU SAID.
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