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"Withdrawal of MFN would create an abnormal trading relationship between the United States and China, and that, it seems to me, is in no one's interests, certainly not Hong Kong's," he said.
"But I believe that MFN should not be used as a weapon. It should not be used as a bargaining counter for progress on other issues. Hong Kong, and its Governor, believe in free trade absolutely."
He said that the policy of engagement with China adopted by the US was the only policy which offered the possibility of making progress on the full range of issues in the relationship between these two countries.
The second argument is the preservation of jobs and incomes in Hong Kong.
Mr Patten noted that Hong Kong was now so closely integrated with the Chinese economy that anything which threatened the trade relationship between China and US threatened livelihood in Hong Kong.
If MFN is not renewed, Hong Kong will lose about 90,000 jobs and up to half of the forecast annual growth in GDP.
He stressed that while Hong Kong's economy was famously flexible, the blow caused by a loss of MFN would come at a time when the territory was particularly vulnerable to shocks to confidence about its future prospects.
"So, the message I shall be taking to the United States is that if you want to help Hong Kong, the best way to do so is by renewing MFN and by continuing the policy of engagement with China," he said.
Regarding Hong Kong's role as an international trade and business centre, Mr Patten said the territory was to enjoy a high degree of autonomy after the transfer of sovereignty.
This autonomy means that Hong Kong can continue to be treated by the world as a separate trade centre, to put its own arguments, to present its own distinct viewpoint and to press for its own best interest.
"I think it follows that before the transfer of sovereignty, we must do nothing to jeopardise this autonomy or our credibility, particularly on an issue as crucial to Hong Kong's future as free trade," he added.