XN000022-1994-07-07 — Page 20

THURSDAY, JULY 7, 1994

19

ADVANTAGE IN CHINA REJOINING THE GATT: D-G OF TRADE

THE DIRECTOR-GENERAL OF TRADE, MR TONY MILLER, TODAY (THURSDAY) GENERAL AGREEMENT WARMLY SUPPORTED CHINA'S APPLICATION TO REJOIN THE ON TARIFFS AND TRADE (GATT) THE MULTILATERAL TRADING SYSTEM TO BE SUBSUMED IN THE WORLD TRADE ORGANISATION (WTO).

SHORTLY

OF THE HONG ADDRESSING A LUNCHEON MEETING

KONG SOCIETY OF MR MILLER POINTED OUT ACCOUNTANTS MANAGEMENT ACCOUNTING COMMITTEE,

FOR PARTICULARLY THAT IT WAS OBVIOUSLY BETTER FOR ALL,

HONG KONG, THAT CHINA BE A MEMBER OF THE GATT/WTO.

HUNG IN THE

HE TOLD THE MEETING: "YOU HAVE SEEN THE UNCERTAINTY WHICH OVER US WHILE CHINA'S MOST FAVOURED NATIONS (MFN) STATUS HUNG BALANCE IN THE UNITED STATES.

OF

EUROPEAN "MORE RECENTLY YOU HAVE SEEN THE

UNION'S IMPOSITION OF QUOTAS ON A WHOLE RANGE OF CHINESE GOODS, AND A SEPARATE THREAT U.S. ACTION UNDER SECTION 301, HE ADDED.

**

"IT WOULD CLEARLY BE MORE

CERTAINTY FOR BUSINESSMEN

-

REASSURING

GREATER

AND ANY OTHER RULES OF THE то SUBJECT

AND PROVIDE IF DISPUTES BETWEEN CHINA

WITHIN HANDLED

THE OF OUR TRADING PARTNERS COULD BE

WAY, TRANSPARENT

RATHER THAN BE GATT, IN AN OPEN AND ARBITRARY ACTION BY ONE OR OTHER PARTY. "

←

OF

DISPUTE RESOLUTION IN HIS TALK ON "TRADE FLOWS AND FRICTIONS

MR ECONOMY "

MILLER SPOKE

THE BENEFITS OF GLOBALISED MULTILATERALISM IN WORLD TRADE AND THE DANGERS OF UNILATERAL ACTION.

IN A

·

HE SAID AS THE URUGUAY ROUND OF GATT TALKS

TOO OFTEN BEEN PLAGUED BY WORLD TRADE HAD ALL THREATS OF UNILATERAL ACTION.

SLOWLY PROGRESSED,

CONFRONTATION

AND

THE

THERE ROUND,

THIS

THE

SPIRIT

OF

WERE MANY, UNILATERALISM AND A GENUINE

"IN THE EUPHORIA OF CONCLUDING INCLUDING MYSELF, WHO HOPED FOR AN END TO COMMITMENT

THE MULTILATERALISM," HE SAID.

TO BOTH

LETTER AND

"SUCH COMMITMENT IS ENORMOUSLY IMPORTANT.

BE POSSIBLE,

TRADE DISPUTES

ARE

BUT IT SHOULD INEVITABLE,

GIVEN SUFFICIENT POLITICAL THEM RESOLVE ON THE PART OF ALL PLAYERS BOTH BIG AND SMALL, TO SETTLE WITHIN, AND NOT WITHOUT THE GATT.

AND THE SECURED."

OF

THE

FUTURE

"ULTIMATELY, IT IS ONLY THROUGH SUCH RESOLVE THAT THE

STATURE

STRENGTH

WORLD

TRADE

ORGANISATION

CAN

BE

IN THE DISCIPLINES

WAS MORE THAN MERE SYMBOLISM MR MILLER SAID THERE CREATION OF THE NEW WTO WHICH WOULD SEE TIGHTER RULES AND AND A MORE EFFECTIVE DISPUTE SETTLEMENT SYSTEM.

BEEN

SETTLEMENT

AT PRESENT, ANY GATT CONTRACTING PARTY WHICH FEELS IT HAS

MAY HAVE

ΤΟ RECOURSE UNFAIRLY TREATED

FORMAL

DISPUTE

PROCEDURES.

/"BRIEFLY THESE

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