FRIDAY, NOVEMBER 27, 1992
16
SHORT EXTENSION OF MFA EXPECTED
THE IMPORTANCE OF A STRONG GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT) AND THE NEED TO ENSURE THAT THE MULTIFIBRE ARRANGEMENT (MFA) RULES WERE BROUGHT GRADUALLY BACK INTO THE GATT SYSTEM WERE EMPHASISED BY THE DIRECTOR-GENERAL OF TRADE, MR DONALD TSANG.
SPEAKING AT A LUNCHEON OF THE TEXTILE COUNCIL TODAY (FRIDAY), MR TSANG WELCOMED THE BREAKTHROUGH IN THE GATT URUGUAY ROUND (UR) OF MULTILATERAL TRADE TALKS OVER THE PAST WEEK.
"THE END IS NOW IN SIGHT AND WE MUST ALL WORK TOGETHER ΤΟ ENSURE THAT THIS WINDOW OF OPPORTUNITY IS NOT LOST.
"FAILURE OF THE ROUND WOULD BE A GREAT SET-BACK TO THE WORLD TRADING SYSTEM, AND WOULD IN TURN AFFECT THE ENTIRE TEXTILE OF HONG KONG.
"AS AN OPEN ECONOMY, WE IN HONG KONG COUNT ON THE OF MULTILATERAL RULES TO GOVERN OUR COMMERCIAL RELATIONS OUTSIDE WORLD.
"WE NEED A STRONG GATT SYSTEM, A SYSTEM UNDER WHICH DONE SO WELL.
INDUSTRY
OPERATION WITH THE
WE
HAVE
TRADE IN
"AND WE NEED TO ENSURE THAT THE MFA RULES GOVERNING TEXTILES AND GARMENTS ARE BROUGHT GRADUALLY BACK INTO THE GATT SYSTEM, MR TSANG SAID.
"
THOUGH MUCH WORK REMAINS TO BE DONE TO CONCLUDE THE UR TRADE TALKS, IT IS CLEAR THAT THERE WILL NOT BE A TEXTILES AGREEMENT UNDER THE UR IN PLACE BEFORE THE EXPIRY OF THE CURRENT TERM OF THE MFA AT THE END OF NEXT MONTH.
SO IT IS NECESSARY, AS MR TSANG SAID, TO IDENTIFY AN ARRANGEMENT TO BRIDGE THE GAP BETWEEN THE EXPIRY OF THE MFA AND THE INTRODUCTION OF A URUGUAY ROUND AGREEMENT, HOPEFULLY ON THE FIRST OF JANUARY 1994.
ACCORDING TO MR TSANG, DISCUSSIONS ON THE FUTURE OF THE MFA HAD STARTED AND HONG KONG HAD PARTICIPATED ACTIVELY IN THE PROCESS WITH A VIEW TO ACHIEVING AN EARLY AGREEMENT.
HE ENSURED MEMBERS OF THE TEXTILE COUNCIL THAT ANY BRIDGING ARRANGEMENT WOULD ENABLE THE TRADE TO CONTINUE, WITHOUT DISRUPTION.
"EXPORTING COUNTRIES AND TERRITORIES HAVE AGREED A COMMON POSITION UNDER THE UMBRELLA ORGANISATION OF THE INTERNATIONAL TEXTILES AND CLOTHING BUREAU (ITCB).
"THAT POSITION SEEKS A SHORT EXTENSION IMPROVEMENT IN MARKET ACCESS, AND IT MEETS OUR ALTHOUGH THE EXACT DURATION AND TERMS OF EXTENSION DEFINED.
OF THE MFA WITH PRAGMATIC APPROACH HAVE YET TO BE
/"WE ARE
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