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The agreement will lock in liberalisation measures made by WTO Members in financial services, and will provide a sound basis for negotiations on further liberalisation.
Although the agreement is an interim one lasting until December 31, 1997, Sir Hamish was confident that it would lay a strong foundation for further liberalisation.
"The commitment to liberalise on a MFN basis is there and it will be difficult to roll back these efforts by the end of the interim agreement in 1997," he said.
In practical terms, the outcome means greater certainty and predictability in trade in financial services. Financial services will now be subject to the rules and disciplines of a legally binding, multilateral framework for international trade under the General Agreement on Trade in Services(GATS). This will encourage the further expansion of trade in financial services and make it easier for financial services firms to have access to overseas markets.
"This bodes well for Hong Kong's financial services suppliers, many of whom are very competitive," said Sir Hamish.
"In terms of our own market, Hong Kong is very open and this will continue to be our practice," Sir Hamish added, "Our own offer reflects the continuing commitment to openness".
End/Friday, July 28, 1995
Fourth human rights report on HK submitted to UN
The fourth report on Hong Kong under the International Covenant on Civil and Political Rights (ICCPR) was submitted to the United Nations by the United Kingdom Government on July 21. The report covers the many developments in Hong Kong on human rights issues since the third report was examined by the UN Human Rights Committee in 1991.
"More has been done in Hong Kong in recent years in the area of human rights than in any other period of our history," a government spokesman said.
No comments yet.
Private notes are available after approval.