14
THURSDAY, MARCH 31, 1994
GATT PRINCIPLE VITAL FOR GROWTH
THE DIRECTOR-GENERAL OF TRADE, MR TONY MILLER, TODAY (THURSDAY)
MADE TO EMPHASISED THE CONTRIBUTION WHICH BASIC GATT PRINCIPLES HAD THE GROWTH OF TRADE AND ECONOMIC DEVELOPMENT.
HE WAS SPEAKING AT A MEETING OF THE UNIVERSITY OF MANAGEMENT ALUMNI SOCIETY.
HONG KONG
NOT
"THE ENORMOUS POST-WORLD EXPANSION OF INTERNATIONAL TRADE WOULD
MOST FAVOURED THE WITHOUT BEEN POSSIBLE
HAVE PRINCIPLE,' SAID MR MILLER.
"I
NATION
(MFN)
"WITHOUT IT, I DOUBT WHETHER THE WORLD WOULD HAVE WITNESSED THE EXTRAORDINARILY RAPID EXPANSION OF TRADE WITH EAST ASIA OR THE RISE IN STANDARDS OF LIVING WHICH HAVE FOLLOWED."
MR MILLER NOTED THAT THE TERM "MOST FAVOURED NATION", SIMPLE CONCEPT BUT OFTEN MISUNDERSTOOD.
WAS A
"MFN
PARTNERS
IS NOT PARTICULAR TRADING
EXTENDING EQUALLY, PREPARED TO OFFER ANY OTHER.
ABOUT GIVING PARTNERS.
SPECIAL
IS IT
TO ALL THE BEST
PRIVILEGES TRADING ABOUT TREATING ALL TRADING TERMS A COUNTRY IS
то
中豐
DESCRIBING
THE
"BEGGAR
THY NEIGHBOUR"
POLICY WHICH HAD TO WORLD-WIDE
THE
STRANGLED PRE-WAR INTERNATIONAL TRADE AND CONTRIBUTED RECESSION, MR MILLER CAUTIONED AGAINST FORGETTING THE LESSONS OF PAST.
IT IS NOT A ZERO SUM BENEFITS FROM THAT PRODUCTS IN
"TRADE BENEFITS ALL WHO ENGAGE IN IT. GAME. A COUNTRY WHICH BUYS GOODS FROM ANOTHER TRANSACTION EVEN IF THE OTHER COUNTRY BUYS NONE OF ITS RETURN. THE ONLY LOSERS ARE THOSE WHO DO NOT ENGAGE IN TRADE, WHO DO NOT ALLOW THEIR CONSUMERS TO BUY WHAT CAN BE PRODUCED CHEAPER AND MORE EFFICIENTLY ABROAD."
MR MILLER
ECONOMIC
THAT COUNTRIES ALL NOTED
THEM BY BLAMING PROBLEMS
тоо
EXTERNALISED OFTEN
ON INCORRECTLY
TRADE
INTERNAL IMBALANCES.
ON
OF
NOTION
"THERE IS AN UNFORTUNATE TREND, DESPITE THE LESSONS OF THE PAST
TOWARDS FOCUSSING ECONOMISTS, AND THE
THE TRADE OF LEARNING BILATERAL BALANCES OF TRADE, TO INSIST THAT, IF I BUY $10 WORTH GOODS FROM YOU, YOU SHOULD BUY AT LEAST AS MUCH FROM ME. THIS OF RECIPROCITY IS NONSENSE, AND IT IS VERY DANGEROUS NONSENSE. PRECISELY THE SORT OF FALSE LOGIC WHICH LED TO THE FAILURE OF THE PRE- WAR TRADING SYSTEM.
"RECIPROCITY IS THE ANTITHESIS OF MEN.
IT 18
GOING
"RECIPROCITY IS WHEN THE SCHOOL BULLY TELLS YOU THAT ΤΟ TRADE YOUR CHOCOLATES FOR HIS STALE BISCUITS, AND EXPECTED TO SAY THANK YOU, MFN IS THE DEMOCRATIC PROCESS OF SEVERAL SCHOOL BOYS DIVIDING UP THEIR LUNCHES SO THAT EACH GETS A BIT OF THEY WANT AND COULD NOT HAVE HAD WITHOUT AN AMICABLE EXCHANGE.
YOU ARE YOU ARE
WHAT
11
/MR MILLER