XN000022-1986-07-16 — Page 57

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WEDNESDAY, JULY 16, 1986

IT WAS A HAPPY COINCIDENCE THAT THE NEW STATUS IN THE

GATT BECAME EFFECTIVE AT A TIME WHEN DETAILED DISCUSSIONS WERE BEING HELD ON THE LAUNCHING OF A NEW ROUND OF MULTILATERAL TRADE NEGOTIATIONS.

NOTING THAT HONG KONG HAD A SUBSTANTIAL INTEREST IN

THE ISSUES TO BE DISCUSSED, SIR EDWARD SAID: +WE WOULD SUPPORT ANY INITIATIVES WHICH WOULD FURTHER LIBERALISE WORLD TRADE AND STRENGTHEN THE WORLD TRADING REGIME BASED ON THE FUNDAMENTAL NON-DISCRIMINATORY PRINCIPLES OF THE GATT.+

SIR EDWARD ALSO REFERRED TO THE OPENING UP OF CHINA'S ECONOMY, AND SAID A NEW DIMENSION HAD BEEN ADDED TO HONG KONG'S ROLE IN INTERNATIONAL TRADE AND THE OPPORTUNITIES IT COULD OFFER TO THE UNITED STATES. CHINA WAS NOW THE TERRITORY'S SECOND LARGEST TRADE PARTNER, HE POINTED OUT.

THE TERRITORY'S WELL-DEVELOPED INFRASTRUCTURE, AND ITS FINANCIAL AND OTHER SERVICES HAD MUCH TO OFFER IN RELATION TO CHINA'S MODERNISATION EFFORTS.

+ THE EXTENSIVE BUSINESS CONTACTS WHICH HONG KONG HAS WITH THE REST OF THE WORLD AND THE BILINGUAL NATURE OF LIFE IN HONG KONG, WITH BOTH CHINESE AND ENGLISH USED EXTENSIVELY AND EFFECTIVELY, CAN BE OF DIRECT BENEFIT BOTH TO CHINA IN HER DRIVE TO EXPAND TRADE AND INVESTMENT AND TO FOREIGN COMPANIES SEEKING A ROLE IN THAT EXPANSION, + HE SAID.

SUMMING UP, THE GOVERNOR SAID: +LET ME ASSURE YOU THAT ALTHOUGH IWE HAVE OUR PROBLEMS OVER PRODUCTS SUCH AS TEXTILES, OUR TRADE RELATIONS WITH THE UNITED STATES ARE GOOD, WE VALUE THE MARKET YOU PROVIDE, THE GOODS YOU SEND US, THE CONFIDENCE WHICH YOUR BUSINESSMEN HAVE SHOWN IN US BY INVESTING IN OUR MANUFACTURING AND FINANCIAL SERVICES SECTORS, AND THE STRONG SUPPORT WHICH YOUR GOVERNMENT HAS GIVEN TO THE SINO-BRITISH JOINT DECLARATION WHICH MAPS OUT OUR FUTURE.

*WE SHARE YOUR BELIEF IN OPEN MARKETS AND FREE COMPETITION. WE HOPE THAT THE UNITED STATES WILL UPHOLD THESE PRINCIPLES, PARTICULARLY IN RESPECT OF ITS TRADE PARTNERS WHO PRACTISE THEM. WE BELIEVE THAT THERE ARE GREAT OPPORTUNITIES FOR THE EXPANSION OF TRADE AND INVESTMENT BETWEEN HONG KONG AND THE UNITED STATES.+