XN000022-1993-12-10 — Page 9

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FRIDAY, DECEMBER 10,

1993

ON MAINTAINING

ON

HE ADDED THAT STATEMENTS BY CHINESE OFFICIALS THE ECONOMIC WELL-BEING OF HONG KONG DESPITE RECENT CONTROVERSIES THE POLITICAL FRONT WERE REASSURING.

HONG KONG.

"WE CONSIDER THAT THE INCREASED LINKS BETWEEN THE ECONOMIES

FACTOR TO HONG KONG AND CHINA SHOULD BE VIEWED AS A POSITIVE

OF

ON

"IN

WE

HOPE THAT

RATINGS CONTINUOUS

THE

ANY EVENT, MOODY'S WILL CONTINUOUSLY REVIEW THEIR

THROUGH HONG KONG AND ISSUERS HERE. DIALOGUE WITH THEM, THEY COULD COME TO A BETTER UNDERSTANDING OF SITUATION HERE, HE SAID.

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STI WELCOMES RENEWAL OF MULTI-FIBRE ARRANGEMENT

* *

THE

THE NEWS

SECRETARY FOR TRADE AND INDUSTRY, MR CHAU TAK-HAY, WELCOMED THE GENERAL TODAY (FRIDAY) THAT THE TEXTILES COMMITTEE OF AGREEMENT

RENEWAL OF THE TARIFFS AND TRADE (GATT) HAD AGREED A ON MULTI-FIBRE ARRANGEMENT (MFA) BY ONE YEAR TO DECEMBER 31 NEXT YEAR.

HONG

TRADE. "THIS IS GOOD NEWS FOR OUR TEXTILES AND GARMENT KONG'S BILATERAL TEXTILES AGREEMENTS WITH OUR MAIN MARKETS ARE COVERED

TRADE, BY THE MFA. ITS EXTENSION GIVES ADDED CERTAINTY TO THE SAID.

HE

THE MFA IS A

MULTILATERAL

INSTRUMENT GOVERNING

TRADE

IN

TEXTILES AND CLOTHING AMONG SOME 44 TERRITORIES.

PARTICIPATING COUNTRIES

AND

IT

ENTERED FIRST

INTO EFFECT IN 1974 AND HAS

BEEN RENEWED

SEVERAL TIMES, MOST RECENTLY UPON ITS EXPIRY ON DECEMBER 31 LAST YEAR.

UNDER

AND DURING

UNDER THE URUGUAY ROUND OF MULTILATERAL TRADE TALKS NOW

IN TRADE

TEXTILES WAY, THERE IS A DRAFT PROVISION TO RETURN CLOTHING TO GATT RULES AND DISCIPLINES OVER A 10-YEAR PERIOD, WHICH PERIOD QUOTAS WOULD BE GRADUALLY PHASED OUT.

IMPLEMENTATION

OF THE URUGUAY ROUND RESULTS IS, EXPECTED TO BEGIN BEFORE JANUARY 1, 1995.

HOWEVER, NOT

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