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FRIDAY, AUGUST 5, 1994
ΤΟ
BENEFITS
'WHAT WE ARE TALKING ABOUT GOES BEYOND THE IMMEDIATE CHINA OR TO ANY INDIVIDUAL GATT CONTRACTING PARTY; WE ARE TALKING ABOUT THE HEALTH AND STRENGTH OF THE WHOLE MULTI-LATERAL TRADING SYSTEM," HE SAID.
MR MILLER SAID HE FOUND IT DIFFICULT TO CONCEIVE OF THE WTO FULFILLING ITS FUNCTIONS ADEQUATELY AND EFFECTIVELY WITHOUT CHINA.
TH
"CHINA IS THE MISSING PIECE IN THE JIG-SAW PUZZLE, CHINA NEEDS TO BE A MEMBER OF THE WTO, BUT THE WTO ALSO NEEDS CHINA AS A MEMBER, HE SAID.
"IT IS UNTHINKABLE THAT A COUNTRY, WHICH ACCOUNTS FOR 20 PER CENT OF THE WORLD'S POPULATION, WHICH HAS TRAVELLED FURTHER AND FASTER DOWN THE ROAD OF MARKET-DRIVEN ECONOMIC REFORM THAN ANY OTHER PREVIOUS COMMAND ECONOMY, AND WHOSE EXPORTS HAVE DOUBLED OVER THE LAST FIVE YEARS AND ARE ESTIMATED TO GROW AT 40 PER CENT OVER THE NEXT FIVE YEARS, SHOULD REMAIN ON THE OUTSIDE OF THE WTO LOOKING
IN, NEITHER BENEFITING FROM ITS PRIVILEGES NOR SUBJECT то ITS RULES AND DISCIPLINES.
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MR MILLER NOTED THAT THERE WOULD BE CONSIDERABLE ADVANTAGE TO HONG KONG ONCE CHINA HAD REJOINED THE GATT.
"CHINA IS ONE OF HONG KONG'S MAJOR TRADING PARTNERS. GIVEN THE INCREASING VOLUME OF RE-EXPORTS, WHICH PASS THROUGH HONG KONG BOTH INTO AND OUT OF CHINA, WE ARE VULNERABLE TO ANY DISPUTE BETWEEN CHINA AND ITS OTHER TRADING PARTNERS," HE EXPLAINED.
"IT WOULD CLEARLY BE PREFERABLE IF SUCH DISPUTES COULD BE HANDLED WITHIN THE GATT/WTO, IN ACCORDANCE WITH AGREED RULES AND PROCEDURES. TRADE NEEDS CERTAINTY; THE RULE OF LAW IN THE GATT/WTO WILL PROVIDE IT.
*
MR MILLER DESCRIBED CHINA'S ACCESSION AS THE COMPLETION OF THE PROCESS OF NORMALISATION OF CHINA'S RELATIONS WITH THE REST
OF.
THE
WORLD.
"
"WHAT STARTED IN THE 70S AT THE PING-PONG TABLES MUST BE FINISHED AT THE NEGOTIATING TABLES IN GENEVA AND FINISHED SOON, HE SAID.
REFERRING TO THE LATEST MEETING OF THE WORKING GROUP OF CHINA'S ACCESSION IN GENEVA, MR MILLER CHARACTERISED THE PROCESS AS A NEGOTIATION OVER PRICE.
"THE ARGUMENT OVER DEVELOPED OR DEVELOPING STATUS IS SOMETHING OF A RED HERRING, THIS IS NOT SIMPLY A TUSSLE BETWEEN DEVELOPED COUNTRY IMPORTERS AND A MAJOR DEVELOPING EXPORTER. ALL PARTIES INVOLVED ARE BOTH IMPORTERS AND EXPORTERS. WHAT IS AT ISSUE IS THE DEGREE OF CUSHIONING NEEDED BY ALL PARTIES AS THIS HUGE ECONOMY REJOINS THE MULTI-LATERAL TRADING SYSTEM, HE SAID.
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FLOODED
BY
"YES, DEVELOPED COUNTRIES ARE ANXIOUS ABOUT BEING CHINESE EXPORTS, BUT THEY ARE ALSO ANXIOUS TO GAIN GREATER ACCESS TO CHINA'S MARKETS FOR BOTH GOODS AND SERVICES.
/"YES, CHINA