TNAG-0046-FCO40-82-Britain-s-entry-into-EEC-effect-on-trade-with-Hong-Kong-1967 — Page 79

0003230

G.F. 323

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12

out of total exports valued at $30.1 million. principal markets were still

In 1966, the

-

U.S.A.

U.K.

Value

$8.1 million

Tariff

18% - 55% a.v,

$3.9 million

nil

The already

but total exports had dropped to $19.1 million. declining exports to the U.K. would be seriously affected as a result of the adoption of the 18% C.E.T. (although the C.E.T. on a part of this item is to be reduced to 11.5% a.v. as a result of Kennedy Round cuts), particularly in the face of reverse preferences favouring Italy, France and W. Germany.

In addition, exporters claim that this item is highly susceptible to fashion changes and in this respect Hong Kong can hardly compete with E.E.C. industry.

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