FRIDAY, NOVEMBER 19, 1993
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HK WELCOMES VISION OF OPEN TRADE
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HONG KONG WELCOMES THE BOLD VISION OF OPEN TRADE AND INVESTMENT IN THE ASIA-PACIFIC REGION SET OUT IN THE EMINENT PERSONS GROUP REPORT TO ASIA-PACIFIC ECONOMIC CO-OPERATION (APEC) MINISTERS.
SPEAKING AT THE APEC MINISTERIAL MEETING IN SEATTLE, THE SECRETARY FOR TRADE AND INDUSTRY, MR TH CHAU, SAID: "HONG KONG ENDORSES THE GOAL OF FREE TRADE AND OPEN INVESTMENT. YOU WOULD HARDLY EXPECT US TO DO OTHERWISE. HONG KONG KNOWS THAT FREE TRADE AND AN OPEN ECONOMY ARE GOOD FOR YOU."
MR CHAU ALSO WELCOMED THE EMINENT PERSONS GROUP'S FIRM COMMITMENT TO THE GATT SYSTEM. "HONG KONG IS PARTICULARLY PLEASED THAT, AT THIS CRITICAL TIME, THE VALUE OF THE OPEN MULTILATERAL TRADING SYSTEM TO GLOBAL ECONOMIC GROWTH WAS REAFFIRMED.'
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HE OBSERVED THAT GETTING TO THE GOAL OF OPEN TRADE AND INVESTMENT IN THE REGION REQUIRED CAREFUL EXAMINATION OF VARIOUS OPTIONS, AND HE OUTLINED WHAT HONG KONG SAW AS THE THREE FOCAL POINTS IN THE COMING DEBATE.
"FIRST,
IN LIBERALISING TRADE IN THE REGION UNDER THE UMBRELLA OF THE MULTILATERAL TRADING SYSTEM, WITH MOST FAVOURED NATION GLOBALLY APPLIED, DO WE GO FOR A FORMAL, STRUCTURED APPROACH, OR DO WE RELY ON ENCOURAGING PROGRESSIVE BUT AUTONOMOUS ACTION? HONG KONG FAVOURS THE LATTER.
"SECOND, IN SEEKING TO EASE THE TENSIONS SOMETIMES ARISING FROM GLOBAL COMPETITION THROUGH TRADE, HOW CAN WE BUILD ON EXISTING INSTITUTIONS IN A WAY WHICH ENSURES THAT ALL COMPLY EQUALLY WITH MULTILATERAL RULES AND THAT DISPUTES ARE NOT AGGRAVATED BY UNILATERAL ACTION?
"THIRD, AS MARKET FORCES DRIVE US TOWARDS GREATER REGIONAL INTEGRATION IN A GLOBALISED ECONOMY, ARE WE SATISFIED THAT THE CONVENTIONAL MODELS OF INTERNATIONAL COMPETITION POLICY ARE STILL RELEVANT?"
MR CHAU STRESSED THE IMPORTANCE OF INVOLVING BUSINESS AND ACADEMICS IN DISCUSSION OF THE EMINENT PERSONS GROUP'S REPORT.
"I URGE THAT THE REPORT BE PUBLISHED AND DISTRIBUTED WIDELY AMONG THE REGION'S BUSINESS AND ACADEMIC COMMUNITIES TO ENCOURAGE DEBATE. THIS IS VITAL TO OUR CARRYING THESE CONSTITUENCIES WITH US."
FINALLY, MR CHAU EMPHASISED THE NEED FOR ACTION. "THE EMINENT PERSONS GROUP HAVE DONE THEIR JOB: THEY HAVE OFFERED US A VISION. LET US GET ON WITH THE JOB OF TURNING THAT FREE TRADE AND VISION INTO REALITY."
INVESTMENT
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