XN000022-1994-01-18 — Page 14

13

I

TUESDAY, JANUARY 18, 1994

MEMBER GOVERNMENTS NEED TO SEEK NECESSARY RATIFICATION AFTER THE MARRAKESH MINISTERIAL TO BE HELD IN APRIL THIS YEAR AND THE EARLIEST START DATE FOR WTO WILL BE JANUARY 1 NEXT YEAR.

DISPUTE SETTLEMENT SYSTEM IS ANOTHER IMPORTANT STEP TOWARDS STRENGTHENING THE MULTILATERAL SYSTEM.

THE SYSTEM DEALS WITH TRADE DISPUTES AMONG WTO MEMBERS AND PRESCRIBES STRINGENT PROCEDURES AND TIME LIMITS COVERING ALL STAGES OF THE PROCESS.

"UNDER THIS SYSTEM, A MEMBER WILL NOT BE ABLE TO FRUSTRATE THE DISPUTE SETTLEMENT PROCESS BY BLOCKING A DECISION, AS CAN HAPPEN AT PRESENT," HE SAID.

ON TRADE LIBERALISATION, THE PACKAGE PROVIDES FOR TARIFF AND CONCESSIONS AND THE PHASING OUT OF QUOTA RESTRICTIONS ON TEXTILES CLOTHING PRODUCTS OVER 10 YEARS.

**TARIFF CONCESSIONS AGREED WILL APPLY TO ALL ON MOST FAVOURED NATION (MFN) BASIS. FOR TRADERS, IT WILL MEAN TARIFF SAVINGS AND BETTER ACCESS TO WORLD MARKETS.

"THE MINIMUM SAVING TO HONG KONG IS ESTIMATED AT US$420 MILLION A YEAR, MR MILLER SAID.

*

DURING THE 10-YEAR PHASING OUT OF TEXTILES QUOTA, SOME 51 CENT OF PRODUCTS WILL BE PROGRESSIVELY LIBERALISED.

PER

IN ADDITION, GROWTH RATES OF QUOTA LIMITS ON PRODUCTS REMAINING UNDER RESTRAINT WILL BE GRADUALLY INCREASED.

THE

PACKAGE WOULD ALSO EXTEND THE MULTILATERAL SYSTEM FOR FIRST TIME TO TRADE IN SERVICES AND INTELLECTUAL PROPERTY.

THE

BASIC

—

'AGREEMENT ON SERVICES IS A MAJOR ACHIEVEMENT WHICH BUILDS

TRANSPARENCY PRINCIPLES OF THE GATT MFN, NATIONAL TREATMENT, AND STRONG DISPUTE SETTLEMENT SYSTEM.

ON

"IT WILL OPEN UP POTENTIAL MARKETS FOR SERVICES EXPORTS AND PROVIDE GREATER DEGREE OF CERTAINTY FOR SERVICES EXPORTERS.

"I

HONG KONG IS NOT A MAJOR EXPORTER OF SERVICES AT PRESENT BUT IS EVOLVING FROM LIGHT MANUFACTURING CENTRE TO A PROVIDING SERVICES AND

HUB

RAPIDLY FINANCIAL/TELECOMMUNICATION/TRANSPORT SUPPORT TO THE REGION.

SEVENTY PER CENT OF GDP NOW COMES FROM SERVICES AND THE PERCENTAGE IS INCREASING.

"WE

SHALL

CERTAINLY LOOK FOR NEW OPPORTUNITIES AND OPENED UP BY THE GENERAL AGREEMENT ON TRADE IN SERVICES,'

IN INTELLECTUAL PROPERTY, THE AGREEMENT FOCUSES ON COPYRIGHT, PATENT AND OTHER INTELLECTUAL PROPERTY RIGHTS.

MARKETS

HE SAID.

TRADEMARKS,

/IT PROVIDES