XN000022-1987-10-24 — Page 18

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SATURDAY, OCTOBER 24, 1987

THE

SIR DAVID: WHAT'S GOING ON AT THE MOMENT, IS DISCUSSIONS BETEEN ALL THOSE DIFFERENT PARTIES INVOLVED IN

EXCHANGE FUTURES

THE THE GOVERNMENT. AND THAT IS ALSO INVOLVING HAMBROS ON BEHALF OF

MARKETS OPEN OBJECTIVE IS TO ENSURE THAT WHEN THE

THERE ON MONDAY

OPENING OF WILL BE AN ORDERLY

THE MARKETS. BEYOND THAT, ON THE IT'S NOT REALLY SENSIBLE FOR ME DETAILS OF WHAT IS BEING DISCUSSED, IT'S NOT REALLY TO TRY TO COMMENT FROM NEW YORK. I'M SURE YOU'LL UNDERSTAND THAT THESE

HONG KONG IS 12 THINGS ARE GOING ON IN DETAIL IN HONG KONG.

HOURS COMMENT ON ANYTHING FROM AHEAD OF US, SO BY THE TIME I

HERE, I'M ALREADY BEHIND WHAT 18 HAPPENING IN HONG KONG.

THE TRADE BILL, THE ONE OF THE UNITED TRADING WITH THE IN CONGRESS, IS THAT THE

THAT ANY COUNTRY

ENJOYS WITH AN ABSENCE

QUESTIONER: I HAVE A QUESTION REGARDING PROTECTIONIST PENDING IN THE CONGRESS. HONG KONG WAS NAMED AS THE REGIONS THAT EXPORT GOODS, VERY LOW PRICE GOODS, INTO STATES AND HONG KONG ALWAYS HAS A TRADE SURPLUS IN U.S. AS REGARDS TO ONE OF THE PROVISIONS

AGAINST HAS THE SANCTION UNITED STATES SURPLUS AND YET WITH A LOWER LEVEL UNIONISATION AND OF MINIMUM WAGES AND HONG KONG FALLS INTO THAT CATEGORY. I WOULD TO ASK SIR DAVID HOW YOU WOULD DEFEND HONG KONG IN LIGHT OF THIS OF PROVISIONS.

LIKE

KIND

BEEN

FOR

THE

ARE FIRST OF SIR DAVID: THE POINTS THAT I WOULD LIKE TO MAKE

AGAINST A IS

TRADE BILL AS SUCH. HONG HONG ALL, IT'S NOT THAT

GOVERNMENT TO NATURALLY, IT IS ENTIRELY WITHIN THE RIGHT OF THE U.S.

WITH THEIR DEFICIT, HAVE A TRADE BILL. THEY HAVE VERY REAL PROBLEMS

TRADING THEY HAVE VERY UNDERSTANDABLE CONCERNS ABOUT CERTAIN OF THEIR

IN TRADE WITH THE UNITED PARTNERS WHICH BUILD UP A HUGE ADVANTAGE

WE TRY TO GET STATES BEHIND PROTECTIONIST BARRIERS. THE POINT THAT

SURPLUS WITH THE UNITED STATES, ACROSS IS THAT ALTHOUGH WE HAVE A

THE UNITED STATES 13 THAT IS DONE WITHOUT ANY BARRIERS WHATSOEVER.

WANTS ΤΟ HONG FREE TO EXPORT AS MUCH AND WHATEVER SORT OF THINGS IT

THINK IS IMPORTANT, AND I'VE KONG. THE SECOND POINT WHICH I TRYING TO MAKE IN WASHINGTON AND HERE, IS THAT THERE IS POTENTIAL THE GROWTH OF U.S. EXPORTS TO HONG KONG. I MENTIONED AT LUNCHTIME FIGURE OF 27 PER CENT INCREASE IN U.S. EXPORTS TO HONG KONG THIS YEAR. EVEN GREATER. OUR OWN FIGURES, FOR WHAT IT'S WORTH, ARE 36 PER CENT,

TO EAST ASIA AND THE THAT COMPARES WITH INCREASES OF U.S. EXPORTS

NOW, OUR SURPLUS WITH PACIFIC, AS A WHOLE OF FOUR UNITED STATES HAS NOT BEEN INCREASING SIGNIFICANTLY OVER THIS

INCREASED A VERY IT'S SURPLUS OF SOME OTHER PLACES, PARTICULARLY HAVE BEEN INCREASED VERY SIGNIFICANTLY INDEED, U.S. DOLLARS AND 2.6 BILLION U.S. DOLLARS. SO WE ARE TRYING TO EXPLAIN TO RESPONSIBLE PEOPLE IN THE UNITED STATES. FIRST OF ALL, HONG KONG IS GAP WITH HONG A GREAT MARKET FOR THEM; SECONDLY, OUR EXPORTS OR THE

AND THIRDLY, AND VERY KONG IS NOT INCREASING SIGNIFICANTLY;

WAY UNITED IMPROTANTLY, WE ARE A FREE TRADE ECONOMY IN PRECISELY THE

PLACES TO

TO BACK

YOUR STATES WOULD WANT OTHER

IS THAT IF QUESTION ABOUT THE TRADE BILL ITSELF, WHAT MATTERS THEN

WAY THAT THERE IS A TRADE BILL, IT SHOULD NOT BE LOOSELY WORDED IN A

WHEN THE REAL MIGHT PENALISE FREE TRADING ECONOMIES LIKE OURSELVES OBJECTIVE MAY WELL BE TO DEAL WITH TRADING ECONOMIES THAT HAVE MASSIVE TARIFF BARRIERS,

PER CENT.

AMOUNT, SMALL

BE.

SIGNIFICANTLY.

THE YBAR,

THE

NOT SOUTH KOREA AND TAIWAN,

BY SOME 1.7 BILLION

NOW,

COMING

/QUESTION (INAUDIBLE) .......