XN000022-1994-12-01 — Page 5

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area.

"And that is first to ask what the complainant's country does in that specific

"I believe that generally the same broad argument applies competition, on an equal basis, the better in the long run for everyone."

end/Thursday, December 1, 1994

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the more

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Transcript of remarks by Financial Secretary

The following is a transcript of remarks made by the Financial Secretary, Sir Hamish Macleod, after addressing the American Chamber of Commerce luncheon today (Thursday):

FS: Good afternoon, well that was I think a useful exploration of what I think the real meaning of the APEC declaration is. What the task which lies before us is, that is to say, to produce a blueprint, by the meeting next year. And also I was really highlighting the need to make some progress on services, whether in the GATT/WTO or in the APEC forum, or both; it doesn't really matter. But I think we need to go on trying on services.

Q: Can you give us a comment about the vote tomorrow by the Senates on GATT? How do you see it and consequences to Hong Kong if it is not ratified?

FS: I think we all hope very much that the vote of course, will be in favour of ratification, and that we'll see the new WTO getting off to a good and early start. I don't think it's much, too much doubt about it, unless there's some very unexpected development. I think there's going to be ratification. The EU and Japan will follow suit pretty quickly. Most of the rest of us has signed up already, certainly Hong Kong has. So I'm pretty confident and upbeat, we'll see a WTO and we'll do our best to fit it with enthusiasm. I think the more interesting challenge now really is on the APEC side, where we've got to put the flesh on the bones of the undertaking to reach free trade.

Q: The airport railway, there has been suggestion that it won't be open by 1997 and there would be a delay. Have you now got a date on when the airport is going to open?