XN000022-1988-10-25 — Page 5

TUESDAY, OCTOBER 25, 1988

"WE ARE GIVING A HIGH PRIORITY AS I KNOW JAPAN IS TOO - TO THE CURRENT GATT URUGUAY ROUND OF MULTILATERAL TRADE NEGOTIATIONS. IT IS VITAL THAT THESE TALKS HELP LIBERALISE WORLD TRADE, IMPROVE MARKET ACCESS AND STRENGTHEN DISCIPLINE IN THE MULTILATERAL TRADING SYSTEM, HE SAID.

"

PER

MR MACLEOD SAID THAT HONG KONG WAS OF CONSIDERABLE IMPORTANCE

MARKET, ABSORBING 3.9 TO JAPAN, BEING ITS FIFTH LARGEST EXPORT CENT OF JAPAN'S TOTAL EXPORTS IN 1987.

"NOT MANY PEOPLE REALISE THAT ON A PER CAPITA BASIS, HONG KONG IS THE SINGLE MOST IMPORTANT MARKET FOR JAPAN, HE SAID.

MR MACLEOD NOTED THAT JAPAN WAS IMPORTANT TO HONG KONG AND ECONOMIC TIES WERE CLOSE. JAPAN IS THE TERRITORY'S SECOND MOST IMPORTANT SUPPLIER, ACCOUNTING FOR NEARLY 20 PER CENT OF TOTAL IMPORTS.

IT WAS ALSO THE SECOND LARGEST SOURCE OF OVERSEAS INDUSTRIAL INVESTMENT, PROVIDING ABOUT ONE-FIFTH OF THE TOTAL. OVERALL, JAPAN IS HONG KONG'S THIRD LARGEST TRADING PARTNER, JUST AFTER CHINA AND THE

CENT UNITED STATES, ACCOUNTING FOR 12 PER

OF TOTAL

TRADE

LAST YEAR, HE SAID.

EXTERNAL

MR MACLEOD SAID THAT HONG KONG HAS JUST OVERTAKEN JAPAN AS CHINA'S LARGEST TRADING PARTNER, TAKING UP OVER 20 PER CENT OF IT'S TRADE. SINCE 1978 TRADE BETWEEN HONG KONG AND CHINA HAS GROWN 19 TIMES, WITH AN INCREASING PROPORTION OF THAT TRADE BEING RE-EXPORTS TO AND FROM CHINA.

AS AN EXAMPLE OF THE WAY IN WHICH ARRANGEMENTS FOR HONG KONG'S FUTURE ARE PROCEEDING, MR MACLEOD CITED THE EXAMPLE OF ITS PARTICIPATION AS A CONTRACTING PARTY IN ITS OWN RIGHT AFTER 1997 IN THE GENERAL AGREEMENT ON TARIFFS AND TRADE.

INDUSTRIAL PROPERTY RIGHTS WELL PROTECTED

THE GOVERNMENT RECOGNISES THAT THE INFRINGEMENT OF INDUSTRIAL AND INTELLECTUAL PROPERTY RIGHTS UNDERMINES INTERNATIONAL TRADE AND INDUSTRIAL CO-OPERATION, A SENIOR OFFICIAL OF THE CUSTOMS AND EXCISE DEPARTMENT SAID TODAY (TUESDAY).

TRADES

THE

SPEAKING AT A SEMINAR OF THE FEDERATION OF HONG KONG WATCH

AND INDUSTRIES, THE HEAD OF

TRADING STANDARDS INVESTIGATION BUREAU, MR H.Y. LI, SAID HONG KONG HAD TAKEN PARTICULAR CARE TO PROTECT ITS INTERNATIONAL TRADING IMAGE IN ORDER THE INTEGRITY OF ITS TRADING SYSTEM.

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