XN000022-1974-03-29 — Page 20

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Friday, March 29, 1974

"It is the major developed countries and the oil producing

countries, together, who bear the main responsibility for devising

adequate and constructive measures to combat inflation and monetary

instability, without incurring the opposite danger of depression,

excessive unemployment and a drastic downturn in world trade," Mr. Jones

stressed.

He admitted that the responsibility was "grave indeed!", for

the world economy was indivisible and the developing countries stood

་་་་ to lose most from any failure in either direction. "For failure' either

way can only lead to a slowing down, or even a reversal, in economic

development and an increase in poverty and social tensions."

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He emphasised that Hong Kong, whose whole economy depends on

external trade, would stand to lose as much as any from any failure to

deal adequately with these problems.

ECAFE, he stressed, had an important and constructive role to

play as a catalyst and clearing house of ideas on how to meet the problems

of inflation, monetary instability and the expansion of trading opportunities.

Mr. Jones welcomed the decision taken in Tokyo last September

to press ahead with the next round of multilateral trade negotiations under

the auspices of the GATT,

"We ourselves impose no restrictions on trade and we believe that

all countries stand to benefit from the reduction of barriers, both tariff

and non-tariff," he said.

He also-

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