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"Another part of that experience is that governments have a key role in maintaining economic competitiveness. At one level, this means giving the private sector its head. At another, it means resisting pleas for subsidies, protection and special treatment. Beyond either of these, however, it means the conscious adoption of strict budgetary disciplines."
Mr Tsang said Hong Kong would also be looking to learn from other APEC members, including their experience in a variety of regulatory areas and in the political management of change.
"Much of this experience sharing will, I am sure, flow from the process of consultation accompanying the production of the individual action plans," he added.
Mr Tsang said he believed that the conscious choice of APEC to follow a bold new approach, an approach which relied on consultation and co-operation rather than contracts and compulsion, in freeing up the region's flows of goods, services and capital in the region would make a unique contribution to the global effort of economic liberalisation.
End/Tuesday, November 21, 1995
STI to attend WTO informal Ministerial Meeting
The Secretary for Trade and Industry, Miss Denise Yue, will take part in an informal Ministerial Meeting of the World Trade Organisation (WTO) in Vancouver on November 23 and 24.
The meeting is aimed at providing a forum for participants to exchange views on the work of the WTO and to prepare for the first WTO Ministerial Conference to be held in Singapore in December 1996.
Sixteen economies, including Canada, which hosts the event, will participate in the meeting.
In the margins of the informal Ministerial Meeting, Miss Yue will hold bilateral meetings with trade ministers of Canada, Australia and Singapore to discuss matters of common interest.
She will also meet the Director General of the WTO, Mr Renato Ruggiero.
End/Tuesday, November 21, 1995
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