XN000022-1975-02-27 — Page 5

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THURSDAY, FEBRUARY 27, 1975.

TEXTILES AGREEMENT WITH AUSTRIA

FOLLOWING NEGOTIATIONS HELD RECENTLY IN GENEVA, HONG KONG HAS AGREED TO RESTRAIN ITS EXPORTS OF WOVEN SHIRTS OF COTTON AND DISCONTINUOUS SYNTHETIC FIBRES TO AUSTRIA, MR. LAWRENCE MILLS, DEPUTY DIRECTOR OF COMMERCE AND INDUSTRY, ANNOUNCED TODAY..

THE NEGOTIATIONS WERE REQUESTED BY AUSTRIA UNDER THE PROVISIONS OF THE ARRANGEMENT REGARDING INTERNATIONAL TRADE IN TEXTILES.

MR. MILLS SAID THAT AUSTRIA WAS NOT A VERY LARGE MARKET AND AN INFLUX OF IMPORTS COULD HAVE A CONSIDERABLE EFFECT ON ITS DOMESTIC INDUSTRY. DURING THE NEGOTIATIONS THE AUSTRIANS WERE ABLE TO PRODUCE EVIDENCE THAT THEIR SHIRT INDUSTRY WAS BEING THREATENED BY IMPORTS FROM HONG KONG.

HONG KONG HAS, THEREFORE, AGREED TO INTRODUCE EXPORT RESTRAINT IN RECOGNITION OF ITS OBLIGATIONS UNDER THE ARRANGEMENT REGARDING INTERNATIONAL TRADE IN TEXTILES.

THE AGREEMENT RUNS FOR ONE YEAR FROM 1 FEBRUARY 1975

TO 31 JANUARY 1976,

THE BULK OF HONG KONG'S EXPORTS TO AUSTRIA IS IN GARMENTS. IN 1974 EXPORTS OF GARMENTS TO AUSTRIA AMOUNTED TO SOME HK$97 MILLION OF WHICH EXPORTS OF THE ITEM NOW UNDER RESTRAINT ACCOUNTED FOR ABOUT HK$10 MILLION,

MR. MILLS ADDED THAT DETAILS OF THE CONTROL ARRANGEMENTS ARE CONTAINED IN THE DEPARTMENT'S NOTICE TO EXPORTERS, SERIES 3, NO. 7/75, COPIES OF WHICH MAY BE OBTAINED FROM THE DEPARTMENT'S RECEPTIONIST COUNTER.

BUDGET PUBLICATIONS ON SALE ******

THE BUDGET PUBLICATIONS TABLED IN THE LEGISLATIVE COUNCIL YESTERDAY ARE. NOW ON SALE AT THE GOVERNMENT PUBLICATIONS CENTRE AT THE STAR FERRY CONCOURSE, HONG KONG.

THE DRAFT ESTIMATES OF REVENUE AND EXPENDITURE, 1975/76, ARE AVAILABLE AT $60 PER COPY. THE 1975/76 BUDGET: ECONOMIC BACKGROUND IS AVAILABLE AT $5 A COPY, AND THE ESTIMATES OF GROSS DOMESTIC PRODUCT, 1961-73, AT $4 A COPY.

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