XN000022-1991-11-22 — Page 18

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FRIDAY, NOVEMBER 22, 1991

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"FIRSTLY, I AM ENCOURAGED BY THE OUTCOME OF THE MEETING FORTNIGHT AGO BETWEEN PRESIDENT BUSH AND PRESIDENT OF THE EUROPEAN COMMISSION, MR DELORS, MR CHAU SAID.

THEY HAVE AGREED THAT THE ROUND SHOULD BE CONCLUDED BY THE END OF THIS YEAR," HE SAID.

"SECONDLY, I RETURNED FROM A VERY POSITIVE ASIA PACIFIC ECONOMIC CO-OPERATION (APEC) MINISTERIAL MEETING HELD IN SEOUL LAST WEEK.

"I JOINED MINISTERS FROM OTHER ECONOMIES IN THE ASIA PACIFIC REGION, STRETCHING FROM THAILAND TO THE US AND FROM NEW ZEALAND ΤΟ KOREA, IN PLEDGING OUR SUPPORT FOR THE EARLY AND SUCCESSFUL CONCLUSION OF THE ROUND," HE SAID,

"WE HAVE ALSO STRESSED THE COMPLEMENTARITY OF REGIONAL ECONOMIC CO-OPERATION AND THE MULTILATERAL TRADING SYSTEM, HE ADDED.

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MR CHAU SAID ONE OF THE MAIN TASKS OF THE URUGUAY ROUND IS DEVISE AN AGREEMENT WHICH WILL REINTEGRATE THE TEXTILES AND CLOTHING SECTOR INTO THE GATT.

"AS ONE OF THE WORLD'S LARGEST CLOTHING EXPORTERS, WE SUPPORT A CREDIBLE PROGRAMME OF PHASING OUT THE MULTIFIBRE AGREEMENT (MFA) RESTRICTIONS OVER A REASONABLE PERIOD, SAY LO YEARS.

"THIS WOULD ALLOW THE TRADE AND INDUSTRIES IN BOTH THE IMPORTING AND EXPORTING COUNTRIES TO ADJUST GRADUALLY TO THE FREE PLAY OF MARKET FORCES.

"TO DO OTHERWISE WOULD CREATE CHAOS IN WORLD TEXTILE TRADE AND PRODUCTION, ON WHICH MILLIONS OF PEOPLE DEPEND FOR A LIVING," HE SAID.

IT IS ENVISAGED THAT THE URUGUAY ROUND WILL LEAD TO A GENERAL AGREEMENT ON TRADE IN SERVICES, OR GATS, MODELLED ON THE GATT, THE FORMULATION OF WHICH HONG KONG HAS A CLOSE INTEREST IN PARTICIPATING, MR CHAU SAID.

"WE EXPECT OUR MEMBERSHIP OF THE GATS WILL ENABLE OUR SERVICES PROVIDERS TO ENJOY MFN TREATMENT IN THE EXPORT OF THEIR SERVICES.

"ON THE OTHER HAND, THE OBLIGATIONS OF THE GATS MAY NECESSITATE SOME CHANGES TO OUR OWN REGULATORY FRAMEWORKS

IN CERTAIN SERVICE SECTORS, TO MAKE THEM CONSISTENT WITH THE GATS.

"ANY SUCH CHANGES WOULD NATURALLY ONLY BE INTRODUCED IN CLOSE CONSULTATION WITH THE INDUSTRIES CONCERNED, HE SAID.

NOTING THAT THERE IS AN INCREASING INCIDENCE OF ALLEGATIONS OF UNFAIR TRADE PRACTICES WHICH HAS SHAPED THE URUGUAY ROUND AGENDA, MR CHAU SAID HONG KONG SEES A DANGER OF ANTI-DUMPING ACTION BEING TURNED INTO A PROTECTIONIST TOOL TO RESTRICT IMPORTS FROM SELECTED COMPETITORS.

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