XN000022-1988-11-16 — Page 15

13

WEDNESDAY, NOVEMBER 16, 1988

FIGHT AGAINST PROTECTIONISM CONTINUES

CONTINUED EFFORTS WOULD BE MADE TO FIGHT TRADE PROTECTIONISM AND TO PROMOTE HONG KONG'S EXPORTS, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SPEAKING IN THE POLICY DEBATE, MR JACOBS SAID THE GOVERNMENT WAS PARTICULARLY CONCERNED ABOUT THE DANGERS OF ANY RENEWED ATTEMPT BY THE UNITED STATES CONGRESS ΤΟ PASS PROTECTIONIST TRXTILES LEGISLATION.

HE SAID THE CURRENT TREND IN HONG KONG'S TRADE WITH THE UNITED STATES WAS HELPFUL IN THAT THE PROPORTION OF DOMESTIC EXPORTS TO THIS MARKET HAD CONTINUED TO DECLINE, FROM 44 PER CENT IN 1985 TO 38 PER CENT IN THE FIRST HALF OF 1987, AND TO 33 PER CENT IN THE FIRST HALF OF THIS YEAR.

"PERHAPS MORE IMPORTANTLY, THE UNITED STATES TRADE DEFICIT WITH HONG KONG DECLINED BY A DRAMATIC 26 PER CENT IN THE FIRST EIGHT MONTHS OF THIS YEAR AS AGAINST THE SAME PERIOD IN 1987, MR JACOBS SAID.

"IN RELATION TO OUR TRADING POSITION GENERALLY, WE ARE ALSO MONITORING CAREFULLY THE PROGRESS OF THE MEMBERS OF THE EUROPEAN COMMUNITY TOWARDS THE ESTABLISHMENT OF A SINGLE MARKET IN 1992," HR CONTINUED.

MR JACOBS SAID THE FACT THAT MORE THAN 400 PARTICIPANTS ATTENDED A MAJOR CONFERENCE ON THIS ISSUE IN HONG KONG LAST MONTH WAS CLEAR EVIDENCE OF THE INTEREST THAT DEVELOPMENTS IN KUROPE WERE AROUSING IN THE TERRITORY.

"WHILE THERE ARE POTENTIAL PROBLEMS INVOLVED, WE ARE INCLINED AT THIS STAGE TO REGARD THE SINGLE MARKET AS A POSITIVE STEP WHICH WILL PROVIDE NEW OPPORTUNITIES FOR OUR EXPORTERS," HE NOTED.

THE

THE FINANCIAL SECRETARY SAID THE TRADE DEVELOPMENT COUNCIL PLAYED A KEY ROLE IN THE EXPANSION OF HONG KONG EXPORTS, AND THAT TDC HAD CONTINUED TO HAVE CONSIDERABLE SUCCESS IN DEVELOPING MARKETS.

NEW

OF

"COMPLEMENTING THESE TRADE PROMOTION EFFORTS IS THE WORK THE TRADE DEPARTMENT, WHICH SEEKS TO REMOVE BARRIERS IN OVERSEAS MARKETS IN ORDER TO PROMOTE A FREE INTERNATIONAL TRADING SYSTEM,

"PARTICULAR EFFORTS ARE BEING MADE TO ACHIEVE POSITIVE RESULTS IN THE GATT'S URUGUAY ROUND, MR JACOBS SAID.

•

AND

COMMENTING ON THE CONTINUING GROWTH OF HONG KONG'S ECONOMIC

WAS RELATIONSHIP WITH CHINA, MR JACOBS SAID THIS

CLEARLY A CRUCIAL WELCOME FACTOR IN THE PROGRESSIVE RESTRUCTURING

THE OF

TERRITORY'S ECONOMY.

"CHINA IS