XN000022-1995-10-20 — Page 8

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"The first part of this hybrid reflects the fact that many members of APEC have achieved more liberalisation and deregulation over the last five years or so by their own unilateral initiatives than has been squeezed from them through negotiation.

"Our approach builds on this in a freely competitive spirit and envisages individual member economies setting out what they propose to liberalise and when in their own extended action plans. These individual plans will then be 'concerted' wherever possible through a process of consultation and review."

Mr Miller, however, pointed out that whilst the "concerted unilateral approach" should work well for eliminating tariffs, it would not work for all areas of liberalisation, deregulation and facilitation.

He said clearly there were areas where, to have any impact at all, collective agreement would be needed before effective action could be taken.

added.

"This is particularly necessary in trade facilitation, or cutting red-tape," he

End/Friday, October 20, 1995

HK's trade and economic relations with the US after 1997

In response to press reports that the US Department of Commerce is considering the possibility of incorporating Hong Kong's trade with the US after 1997 as a part of China's trade with the US for statistical purposes, a government spokesman said today (Friday) the Hong Kong Government is not aware of such a move.

"We do not believe that the press reports can be accurate, because such a move would be contrary to the provisions of the United States-Hong Kong Policy Act of 1992. Section 103 of that Act stipulates that the United States should seek to maintain and expand economic and trade relations with Hong Kong and should continue to treat Hong Kong as a separate territory in economic and trade matters", the spokesman said.

The spokesman stressed that under both the Sino-British Joint Declaration and the Basic Law, the Hong Kong Special Administrative Region shall after 1997 continue to be a separate customs territory and a separate economic entity.