XN000022-1993-10-13 — Page 2

WEDNESDAY, OCTOBER 13, 1993

RULE

OPEN, HONEST AND FREE TRADING SYSTEMS NEEDED: GOVERNOR

AND A THE

SUSTAINED ECONOMIC DEVELOPMENT DEPENDS ON OPEN MARKETS OF LAW, INSTEAD OF PROTECTIONISM AND THE LAW OF THE JUNGLE, GOVERNOR, THE RT HON CHRISTOPHER PATTEN, SAID TONIGHT (WEDNESDAY).

MR PATTEN ARGUED THAT PROTECTION AND SUBSIDY DID NOT JUST BREED INEFFICIENCY, THEY ALSO HELPED BREED CORRUPTION.

HE WARNED THAT PROTECTIONISM DID NO GOOD TO EUROPE.

"EUROPE MUST BE IDEOLOGICALLY FREE TRADING

CRUSADE FOR THE NEXT CENTURY," HE SAID.

—

THIS IS THE REAL

SPEAKING AT THE EUROPE/EAST ASIA OPENING DINNER OF THE WORLD ECONOMIC FORUM, THE GOVERNOR CAUTIONED THAT IF EUROPE DID NOT TAKE UP THIS COURSE, IT WOULD MULTIPLY ITS PROBLEMS IN DEALING WITH THOSE FROM OUTSIDE EUROPE'S GATE,

"BEHIND BARRIERS OF REGULATION AND TARIFF, EUROPE WOULD NEITHER REINVIGORATE ITS COMPETITIVENESS, REVIVE THE QUALITY OF ITS PRODUCTS NOR BUY TIME TO REDUCE SOCIAL OVERHEADS.

TAKE AWAY THE STIMULUS OF COMPETITION, MR PATTEN SAID EUROPE WOULD BECOME "PLUMP, SLY AND INCOMPETENT",

►

HOPES THAT EUROPE, BOTH WEST AND EAST, CAN USE ITS GREATER EXPERIENCE OF REGIONAL CO-OPERATION TO GIVE A LEAD TO THE WORLD ON TRADE AND ON THE ENVIRONMENT.

HE SAID THE ONLY WAY TO GET SUSTAINED GROWTH AND ΤΟ DEAL CONTINUOUSLY AND PEACEFULLY WITH THE PROBLEMS NOW AND IN THE FUTURE IS "HONEST AND FREE MULTILATERAL TRADING SYSTEMS"

MR PATTEN IS LOOKING FORWARD TO A SUCCESSFUL CONCLUSION OF THE URUGUAY ROUND IN DECEMBER.

"THE CONSEQUENCES IF WE DON'T ARE APPALLING TO CONTEMPLATE, THE PROSPECTS IF WE DO ARE FAR MORE PLEASING

REDUCED ECONOMIC DISTORTIONS, AND STEADY AND SUSTAINED OPPORTUNITIES FOR GROWTH AS MARKETS OPEN UP.

Fr

HE SAID NOT JUST HONG KONG, BUT ASIA AS A WHOLE WAS RIDING THE FUTURE'S WAVE.

"COUNTRY AFTER COUNTRY IN THIS REGION IS NOW OUTPACING THE WORLD. MARKET ECONOMICS ARE SPREADING SUNSHINE THROUGHOUT THIS PART OF THE WORLD, THE GOVERNOR SAID.

/2