XN000022-1988-12-02 — Page 5

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FRIDAY, DECEMBER 2, 1988

THE

OF

"WITH THE IMMINENT ESTABLISHMENT OF

SECURITIES AND FUTURES COMMISSION EARLY IN 1989 AND VOLUNTARY REFORMS ON THE PART THE TWO EXCHANGES, I AM CONFIDENT THAT WE WILL HAVE A SOUND FRAMEWORK IN PLACE VERY SOON.

"THIS WILL STAND HONG KONG IN GOOD STEAD IN THE CONTINUING DEVELOPMENT OF ITS ROLE AS AN INTERNATIONAL FINANCIAL CENTRE, HE

"

SAID.

STRONGER GATT THE OBJECTIVE: STI

AND INDUSTRY, MR HAMISH

HONG KONG WANTS TO SEE A STRONGER GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT), THE SECRETARY FOR TRADE MACLEOD, SAID TODAY (FRIDAY).

MR MACLEOD WAS SPEAKING ON THE EVE OF HIS DEPARTURE FOR A MINISTERIAL MEETING IN MONTREAL, CANADA, TO REVIEW PROGRESS MADE IN THE URUGUAY ROUND OF TRADE NEGOTIATIONS.

**THE URUGUAY ROUND HAS TO TACKLE THE KEY ISSUES IN INTERNATIONAL TRADE, MR MACLEOD SAID,

■

"AND IT HAS ΤΟ DO SO NOT ONLY BY IMPROVING THE RULES THEMSELVES, BUT BY GENERATING A GREATER WILLINGNESS TO OBSERVE THEM.

"HOW THE BIG THREE

THEY SAY, IS CRUCIAL.

MR MACLEOD

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←

USA, EEC AND JAPAN ACT, AS MUCH AS WHAT

STRESSED THAT THE MONTREAL MEETING MARKED THE

HALF-WAY POINT IN NEGOTIATIONS.

"NOT ALL SUBJECTS ARE RIPE FOR CONCLUSIONS YET, BUT THESE TALKS SHOULD HELP TO CLEAR SOME OF THE STUMBLING BLOCKS AND SET THE DIRECTION FOR NEGOTIATIONS FOR THE REMAINDER OF THE ROUND," HE SAID.

"AGREEMENT ON AGRICULTURE IS CRUCIAL. THIS WOULD HELP CLEAR THE LOG-JAM ELSEWHERE AND WOULD UNDERLINE THE COMMITMENT OF THE MAJOR PLAYERS TO THE GATT.

H

MR MACLEOD SAID HONG KONG'S PRIORITY AT THIS STAGE WAS THE STRENGTHENING OF THE INSTITUTION.

"WE WANT TO SEE AGREEMENT ON EFFICIENT AND WORKABLE DISPUTE SETTLEMENT PROCEDURES, HE SAID.

/"WE WANT *.***