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THURSDAY, DECEMBER 16, 1993
"THE PACKAGE PROVIDES FOR THE CREATION OF A NEW WORLD TRADE ORGANISATION, HE SAID. "IT WILL HAVE A FIRMER LEGAL BASIS THAN THE GATT EVER HAD, AND AN ENHANCED STATUS, PUTTING IT ON A PAR WITH THE IMF AND WORLD BANK."
A KEY OBJECTIVE OF HONG KONG, AND A KEY ELEMENT OF THE AGREED PACKAGE, IS A STRONGER DISPUTE SETTLEMENT SYSTEM.
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"TOO MANY DISPUTE PANEL DECISIONS HAVE BEEN IGNORED IN THE PAST, SAID MR MILLER. "THE NEW ARRANGEMENTS PROVIDE FOR ENFORCEABLE PANEL DECISIONS. THIS SHOULD HELP POLICE THE MULTILATERAL TRADE REGIME."
THE PACKAGE WOULD EXTEND MULTILATERAL TRADE RULES TO INTELLECTUAL PROPERTY AND TRADE IN SERVICES FOR THE FIRST TIME.
"THESE WERE ALSO KEY OBJECTIVES FOR HONG KONG. ACHIEVING THEM MEANT BREAKING NEW GROUND IN COMPLEX AREAS. REACHING AN AGREEMENT WAS EXTREMELY DIFFICULT," MR MILLER SAID.
"THAT WE MANAGED TO DO So IS REMARKABLE. THAT WE REACHED AGREEMENT ON SUCH A WIDE RANGE OF SERVICE SECTORS. INCLUDING PROFESSIONAL SERVICES, FINANCIAL SERVICES, TRANSPORTATION, AND AUDIOVISUAL SERVICES IS A MAJOR ACHIEVEMENT.
MARITIME
THERE
"ONE AREA REMAINS OUTSTANDING, BASIC TELECOMMUNICATIONS. IS, HOWEVER, CLEAR AGREEMENT TO CONTINUE WORK ON THIS SEPARATELY, OUTSIDE THE URUGUAY ROUND PACKAGE."
REACHING AN AGREEMENT ON FINANCIAL SERVICES WAS PARTICULARLY DIFFICULT. IT WAS MADE MORE DIFFICULT BY THE U.S.' PROPOSAL FOR TWO-TIER MFN.
HOWEVER, THE UNITED STATES ULTIMATELY WITHDREW THIS UNPOPULAR PROPOSAL AND AGREEMENT WAS FORGED INSTEAD ON ARRANGEMENTS ANY MFN EXEMPTIONS IN SUSPENSE PENDING A REVIEW.
AT THE END OF A TRIAL PERIOD, CONCESSIONS COULD MODIFIED OR IMPROVED AFTER A TRIAL PERIOD BUT RIGHTS THE INTERIM WOULD BE GUARANTEED.
WHICH HOLD
BE WITHDRAWN. ACQUIRED IN
"THIS 'SUCK IT AND SEE' SOLUTION ENSURED THAT WE GOT THE GENERAL AGREEMENT ON TRADE IN SERVICES OFF THE GROUND ON A FIRM MFN BASIS. WHILE NOT IDEAL, IT AVOIDS THE TWO-TIER APPROACH WHICH WOULD HAVE BREACHED THE EQUAL-TREATMENT-FOR-ALL THAT IS SO FUNDAMENTAL TO THE MULTILATERAL SYSTEM."
MR MILLER SAID THE ANTI-DUMPING TEXT REPRESENTED A COMPROMISE.
"WE MANAGED TO MEET U.S. CONCERNS WHILE REASONABLY PROTECTING HONG KONG'S INTERESTS," SAID MR MILLER. "THE PACKAGE PROVIDES FOR TIGHTER RULES AND PROCEDURES WHICH IS GOOD,
AND, MOST IMPORTANT CLARIFIES THE ROLE OF DISPUTE SETTLEMENT PANELS.
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"IT MAY MAKE IT EASIER FOR AN INDUSTRY TO INITIATE A CASE, NOTHING IS GOING TO STOP UNCOMPETITIVE INDUSTRIES FROM TRYING TO PROTECTION IN THIS WAY, AND IT INCLUDES A SUNSET' PROVISION WHICH MEANS A CASE MUST LAPSE AFTER FIVE YEARS UNLESS CERTAIN CONDITIONS ARE МЕТ. 11
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