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HK delegation to leave for APEC meeting
The Secretary for the Treasury, Mr K C Kwong, will lead a Hong Kong delegation to take part in the third Asia Pacific Economic Co-operation (APEC) Finance Ministers Meeting in Japan.
Ministers of the 18 APEC member economies will attend the conference which will be held at the Kyoto International Conference Hall on March 16 and 17.
Major issues to be discussed include recent marcoeconomic developments in APEC member economies, financial and capital market development, the effects of exchange rate movements on trade and investment and mobilisation of resources for financing infrastructure development.
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Warning against textiles-related malpractices
The Trade Department today (Thursday) reminded traders that involvement in malpractices relating to the importation, exportation, re-exportation and transhipment of textiles products is an offence in law and is liable upon conviction to heavy fines and imprisonment..
The department further warned that such malpractices is also liable to stringent administrative action by the department which may result in permanent surrender of the full amount of the quota involved in the malpractice and cancellation of the textiles control registration of the offender.
A department spokesman said: "The department takes a serious view of such malpractices and legal and administrative actions would be taken against the offender to uphold the law and to safeguard the integrity of the Hong Kong's textiles export control system."
The spokesman said a company/registered business found committing an offence under the Import and Export Ordinance is liable upon conviction to a maximum penalty of a fine of $500,000 and two years' imprisonment.