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"We estimate that the value of Hong Kong's domestic exports of the products covered by the ITA totalled at least HK$39 billion to the world and over HK$30 billion to the 27 participants at present already signed up to the agreement.

"Thus, one of our priorities this year is to secure the actual implementation of the agreement by the largest number of participants."

Mr Lai said another achievement of the Ministerial Conference was the launch of a balanced and forward looking future work programme to carry forward the momentum of trade liberalisation under the WTO.

The main features of the work programme, which are also the main focus of Hong Kong's work in 1997, include:

Commitment to faithful implementation of the Uruguay Round agreements which includes full and faithful implementation of the Agreement on Textiles and Clothing (ATC). The ATC provides for a 10-year programme for progressive elimination of quotas on textiles and clothing products.

Commitment to achieve a successful conclusion of the negotiations on basic telecommunications on February 15 and financial services which will resume in April. A successful conclusion will open up a huge market globally, estimated at over US$500 billion per annum, with enormous market access opportunities for Hong Kong services suppliers.

Establishment of two working groups to separately deal with the relationship of investment and competition with trade.

"APEC is an informal dialogue grouping formed in 1989 in response to the growing inter-dependence among Asia-Pacific economies," Mr Lai said.

"Since our admission into APEC in 1991, Hong Kong's main objective is to open up markets for traders and investors in the region and to convince our trading partners that free trade will benefit their own economic development.

"Our main priorities in APEC this year will be to sustain the dynamic process of trade and investment liberalisation and facilitation in the region.

"More specifically, we will build on the Manila Action Plan for APEC (MAPA) which was endorsed by Economic Leaders in Subic last November and promote new liberalisation initiatives, including early voluntary sectoral liberalisation," Mr Lai added.

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