XN000022-1993-12-16 — Page 2

THURSDAY, DECEMBER 16, 1993

STI WELCOMES SUCCESSFUL URUGUAY ROUND

**

TAK-HAY,

THE SECRETARY FOR TRADE AND INDUSTRY, MR CHAU WELCOMED TODAY (THURSDAY) THE NEWS THAT A FINAL AGREEMENT HAS BEEN REACHED IN THE URUGUAY ROUND (UR) OF MULTILATERAL TRADE TALKS.

Н

"THE AGREEMENT REPRESENTS A VICTORY FOR COMMON SENSE, SAID MR

CHAU.

"THE AGREEMENT IS, ON THE WHOLE, BENEFICIAL TO HONG

KONG," HE

ADDED.

THE UR WAS LAUNCHED IN 1986 FOLLOWING A MINISTERIAL MEETING CONTRACTING PARTIES OF THE GENERAL AGREEMENT ON TARIFFS AND TRADE AT PUNTA DEL ESTE, URUGUAY. IT HAS TAKEN MORE THAN SEVEN YEARS FOR THE ROUND TO COME TO A SUCCESSFUL CONCLUSION.

OF

"ONE OF THE MAIN BENEFITS OF THE SUCCESSFUL CONCLUSION OF UR FOR HONG KONG IS THAT IT AVERTS THE DAMAGING NEGATIVE IMPACT A COLLAPSE OF THE ROUND WOULD HAVE HAD ON WORLD TRADE AND ON THE GLOBAL ECONOMY."

THE

THAT

"OUR PRELIMINARY ASSESSMENT OF THE AGREEMENT IS THAT THE OVERALL PACKAGE IS ACCEPTABLE TO HONG KONG, ALTHOUGH AN EVALUATION

OF THE INDIVIDUAL ASPECTS OF THE PACKAGE WILL HAVE TO AWAIT A DETAILED ANALYSIS."

"OUR NEGOTIATORS ARE TO BE CONGRATULATED FOR HAVING DONE A TREMENDOUS JOB IN SUCCESSFULLY DEFENDING HONG KONG'S INTERESTS," MR CHAU SAID.

0

URUGUAY ROUND OF GATT NEGOTIATIONS

NEGOTIATIONS

GENEVA

CHIEF

THE INTENSIVE CONSULTATIONS HELD UNDER THE URUGUAY ROUND OF

GENEVA ENDED GLOBAL TRADE TALKS IN

YESTERDAY

15 (DECEMBER

THE WHEN

TRADE TIME)

BY COMMITTEE, ATTENDED NEGOTIATORS FROM ALMOST ALL OF THE 116 PARTICIPATING ECONOMIES, FORMALLY ENDORSED A FINAL AGREEMENT.

SPEAKING IN GENEVA, THE

DIRECTOR-GENERAL OF

MR TRADE.

TONY

MILLER, WELCOMED THE OUTCOME.

"INTERNATIONAL TRADE IS THE WINNER TODAY, HE SAID.

MAKE COUNTRIES TO POLITICAL DECISIONS HAVE BEEN TAKEN BY MANY

COMMITMENT AGREEMENT POSSIBLE. IT SHOWS A CLEAR

ENCOURAGING OPEN TRADE AND MULTILATERAL DISCIPLINES."TM†

TT

"DIFFICULT

THIS

AND

TO

OF INTERNATIONAL

RULES OF CLEAR

MR MILLER SAID SMALLER PLAYERS IN THE GAME TRADE LIKE

NEEDED THE PROTECTION EFFECTIVE ARBITRATION IN CASES OF DISPUTE.

HONG KONG

AND

/"THE PACKAGE