XN000022-1991-06-12 — Page 21

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WEDNESDAY, JUNE 12, 1991

"WE ARE STAUNCH SUPPORTERS OF THE GATT AND PARTICIPATE ACTIVELY IN THE URUGUAY ROUND OF MULTILATERAL TRADE NEGOTIATIONS,

"OUR REPUTATION HAS GAINED WORLDWIDE RECOGNITION. LAST YEAR, THE GATT COUNCIL REVIEWED HONG KONG'S TRADE POLICIES AND PRACTICES FOR THE FIRST TIME UNDER THE GATT TRADE POLICY REVIEW MECHANISM. DURING THIS REVIEW, THERE WAS UNANIMOUS APPRECIATION OF OUR FREE TRADE POLICY," HE SAID.

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REVIEWING THE ACTIVITIES OF THE TRADE AND INDUSTRY BRANCH THE LAST FIVE YEARS, SIR PIERS SAID: "1986 WAS A PARTICULARLY BUSY YEAR: HONG KONG BECAME A SEPARATE CONTRACTING PARTY ΤΟ THE GATT; TEXTILES AGREEMENTS WERE CONCLUDED WITH THE US AND THE EEC, AND THE MFA WAS EXTENDED FOR A FURTHER FIVE YEARS"

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"WE WILL HAVE AN ACTIVE 1991 NEGOTIATING WITH THE USA, CANADA, THE EEC AND FINLAND THE RENEWAL OF BILATERAL TEXTILES AGREEMENTS WHICH WILL EXPIRE AT THE END OF THIS YEAR. WE WILL ALSO BE CONTINUING NEGOTIATION IN THE URUGUAY ROUND, HE SAID.

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AS REGARDS INDUSTRY, SIR PIERS AFFIRMED THAT IT WAS THE GOVERNMENT'S POLICY TO PROMOTE AND FACILITATE INWARD INVESTMENT IN MANUFACTURING AND MANUFACTURING SUPPORT SERVICES AND TO ASSIST IN IMPROVING THE COMPETITIVENESS OF MANUFACTURING INDUSTRIES.

"ALTHOUGH, IN TERMS OF ECONOMIC ACTIVITY, MANUFACTURING'S SHARE OF GDP HAS BEEN FALLING, THE SECTOR REMAINS A VITAL PART OF OUR ECONOMY, AND IN THE YEARS AHEAD, OUR AIM MUST BE TO FACILITATE THE PROMOTION OF HIGHER PRODUCTIVITY, TECHNOLOGY AND QUALITY IMPROVEMENT.

IN THIS AREA, THE INDUSTRY DEVELOPMENT BOARD CHAIRED BY THE FINANCIAL SECRETARY HAS IN THE LAST YEAR OR SO BEEN PARTICULARLY ACTIVE IN SEARCHING FOR NEW WAYS IN WHICH TO HARNESS AND DEVELOP THE INTELLECTUAL RESOURCES THAT EXIST IN HONG KONG IN ARUNDANCE.

ON THE WORKS BRANCH WHICH HAS RECENTLY REEN ADDED ΤΟ THE PORTFOLIO OF THE FINANCIAL SECRETARY, SIR PIERS SAID THE RELATIONSHIP OF THE BRANCH TO THE FINANCIAL SIDE OF GOVERNMENT WAS VERY REAL HAVING REGARD TO THE SIZE OF THE PUBLIC WORKS PROGRAMME WHICH STOOD AT OVER $20 BILLION.

EARLIER, SIR PIERS ALSO TALKED ABOUT THE WORK OF THE FINANCE BRANCH UNDER THE SECRETARY FOR THE TREASURY IN OVERSEEING THE CONTROL OF GOVERNMENT EXPEND I TURE AND THE ALLOCATION OF RESOURCES.

SIR PIERS WILL PROCEED ON PRE-RETIREMENT LEAVE IN AUGUST.

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