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"We are preparing new comprehensive legislation to localise our laws in respect of patents, copyright and registered designs and to modernise trade marks law."

He said that the Government would continue to do its utmost to put in place a stringent IPR regime and to enforce the regime robustly.

"We look forward to working together with IP right owners from the US and other countries to bring offenders of our IP laws successfully to the justice of the courts," he said.

Turning to strategic trade control, Mr Tsang cited the recent case of seizure as a vivid example of the effectiveness of the Hong Kong system.

He said Hong Kong certainly had a more stringent system than that of most of its trading partners.

"Our requirement for both import and export licensing means that each and every shipment of goods in transhipment is subject to our licensing control," he said.

"The scope of our control follows closely the international control lists and is fully backed up by law. Our enforcement is vigorous and results oriented."

On action against illegal transhipment of textile products, the Financial Secretary said for a long time, the Government had been devoting a lot of resources and attention to maintain an effective control against illegal transhipment.

"Again, I do not claim our system to be the best but it must rank top class by international standards," he said.

"We keep on improving it to meet changing circumstances. For example, we have adopted a new targeted strategy in factory checks. Our determination is clear.

"In the spirit of co-operation, the Hong Kong Customs has invited two teams of US Customs officers for a month-long joint factory visits.

"They are in town now. We hope to find a mutually satisfactory solution to the current problem between the US and Hong Kong in this area at the end of the joint visit.'

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Summing up, Mr Tsang said as a free trader, Hong Kong did not impose control on the circulation of goods and services, unless there were very good reasons to do so.