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"However, due to the reluctance of participants to accept a total failure in the negotiations, it was agreement that the negotiation be suspended but resumed in 2000 together with the new round of services negotiations," he said.
"In the meantime, participants were urged to maintain their offers on the table with the MFN obligation suspended until the conclusion of the resumed negotiations."
Together with other WTO members, Mr Tam said, Hong Kong is taking stock on the result reached at the four tracks of service negotiation.
"At the first ministerial conference of the WTO to be held in Singapore in December this year, ministers will have the opportunity to take a critical look at the whole question of trade in services negotiations and give the necessary impetus and political steer for further work on this very important area of world trade." he added.
Recapping Hong Kong's gains from these negotiations, Mr Tam said on the general level, Hong Kong had now a much better understanding of the global operation of the three major services sectors which would help in making better preparation whenever the negotiations resume.
"More specifically, we have secured the commitment of a number of countries to open up their financial services market to Hong Kong," Mr Tam said.
"As for basic telecommunication services, the signals we have received so far from several major players have been positive about a fruitful outcome to be achieved on completion of the extended negotiation next February.
"We still have a long way to go to a fully liberalised international market for trade in services, but we shall no doubt get there, hopefully not too far in the future because the first step towards this direction has been taken which is irreversible."
End
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