XN000022-1975-07-21 — Page 4

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MONDAY, JULY 21, 1975

MEANWHILE, THE LEADER OF HONG KONG'S NEGOTIATING TEAM IN BRUSSELS MR. LAWRENCE MILLS AND HIS ASSISTANT, MR. PETER TSAO, HAVE RETURNED TO HONG KONG. MR. MILLS WILL BE MAKING A FULL REPORT ON THE NEW AGREEMENT AND ON THE BRUSSELS NEGOTIATIONS TO MR. MCGREGOR AND TO THE TEXTILES ADVISORY BOARD.,

MR. MILLS DISCLOSED THAT THE NEW AGREEMENT RUNS FROM JULY 18, 1975 TO DECEMBER 31, 1977 AND COVERS OVER 85 PER CENT, BY VALUE, OF HONG KONG'S TEXTILE EXPORTS TO THE COMMON MARKET.

COMMENTING ON THE DETAILS OF THE AGREEMENT. HE SAID THAT HE WAS SATISFIED THAT THE TERMS OF THE AGREEMENT WERE WITHIN THE FRAMEWORK OF THE MULTILATERAL FIBRE ARRANGEMENT. AND THAT THEY WOULD GIVE THE TRADE A LARGE MEASURE OF CERTAINTY WHICH HAD BEEN LACKING UP TO NOW.

MR. MILLS ADDED THAT THE NEGOTIATIONS HAD BEEN DIFFICULT AND THAT THEY HAD, IN FACT, AT ONE STAGE ALMOST REACHED AN IMPASSE ON THE DATE OF IMPLEMENTATION OF THE AGREEMENT DESPITE THE FACT THAT OTHER MAJOR POINTS OF THE AGREEMENT HAD, BY THAT STAGE, BEEN AGREED UPON.

ARRANGEMENTS WILL BE MADE FOR MR. MILLS AND MR. TSAO TO MEET THE PRESS AFTER THEY HAVE REPORTED TO THE DIRECTOR OF COMMERCE AND INDUSTRY AND TO THE TEXTILES ADVISORY BOARD. EDITORS WILL BE INFORMED OF THE TIMING ON THE GIS TELEPRINTER.

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