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FRIDAY, JUNE 25, 1993
"SOME IN THIS REGION ARE PRIME USERS OF THIS TRADE TOOL, OTHERS ARE PRIME TARGETS.
"THOSE DISTINCTIONS WILL BECOME BLURRED AS MORE AND MORE COUNTRIES DEVELOP ANTI-DUMPING LAWS AND REGULATIONS.
"PERHAPS WHEN THE HUNTERS BECAME THE HUNTED WE MAY SEE A MORE SENSIBLE APPROACH TO THIS RIDICULOUS ISSUE.
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"BUT THAT WILL BE TOO LATE FOR THE URUGUAY ROUND WHICH, I AM AFRAID, WILL HAVE TO CARRY THIS BURDEN ON THE TRADING SYSTEM,' HE SAID.
IT WAS IN ALL OUR INTERESTS TO CREATE THE NECESSARY CRITICAL MASS TO ACHIEVE A PACKAGE OF TARIFF REDUCTIONS OF SUFFICIENT WEIGHT TO BREAK THROUGH THE BARRIERS OF DOMESTIC FACTIONAL INTEREST, MR JACKSON SAID.
THERE IS NO GREATER STIMULUS TO TRADE IN THE LONG RUN THAN AN ABSENCE OF TARIFF BARRIERS WHICH IS THE EXPERIENCE IN HONG KONG.
"WE RAISE NO IMPORT TARIFFS AND HAVE BECOME THE WORLD'S FIFTH LARGEST TRADING ENTITY BY TRADE VALUE.
"WHAT HONG KONG CAN ACHIEVE, SO CAN THIS REGION," HE SAID.
FREE TRADE IN A SENSIBLE, MULTILATERAL FRAMEWORK IS THE PATH TO PROSPERITY ALTHOUGH IT IS NOT ONE WITHOUT DIFFICULTY,
"HONG KONG'S OPENNESS HAS SOMETIMES MEANT TAKING THE KNOCKS OF SUDDEN ECONOMIC CHANGE FIRMLY ON THE NOSE. BUT BY ACCEPTING COMPETITION WE HAVE BECOME ONE OF THE FITTEST ECONOMIES IN THE WORLD.
"THE URUGUAY ROUND PACKAGE OFFERS A VIGOROUS FITNESS REGIME FOR THIS REGION. IT MAY LOOK DAUNTING TO THOSE FEELING A BIT OUT OF SHAPE. BUT IT WILL BE WORTH IT.
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ABOUT 20 COUNTRIES AND TERRITORIES PARTICIPATED IN THE PORUM.
BANKING (AMENDMENT) BILL 1993 GAZETTED
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THE BANKING (AMENDMENT) BILL 1993 THAT SEEKS TO FURTHER ENHANCE SUPERVISORY STANDARDS IN HONG KONG AND TO CLARIFY CERTAIN PROVISIONS IS GAZETTED TODAY (FRIDAY).
A GOVERNMENT SPOKESMAN SAID THE BILL SOUGHT TO INTRODUCE AMENDMENTS TO THE BANKING ORDINANCE AND A NUMBER OF OTHER ORDINANCES
80 THAT THE HONG KONG MONETARY AUTHORITY COULD ESTABLISH A CENTRAL CUSTODY SYSTEM TO ENABLE THE CLEARING OF SPECIFIED DEBT INSTRUMENTS IN A PAPERLESS FORM.
/INTRODUCING THE