Speaking Notes
E.E.C. Application
If and when a decision is reached to reapply for E.E.C. membership we shall have to give the most careful thought to the position of Hong Kong. We would have to consider putting forward onos more the case for associated status, although I think we mist be prepared to find that we shall get no better terms for Hong Kong than those in prospect in 1963. This means that the Six will insist on the Common External Tariff being applied by Britain imports from Hong Kong and that we shall onca
more have to fight hard to find ways and means of softening this blow. In 1963 the amolierating provisions envisaged were firstly that the C.B.T. should be applied over a transitional period of soveral years; and seoendly, the inclusion of an undertaking to keep under review the effect of the progressive application of the Common External Tariff on liong Kong's exports to Britain, with a view to remedial action where damage was being om ned. In return for this latter provision me soula no doubt have to accept the converse i.e. an undertaking that remedial action would be taken if it could be shown that Hong Kong's exports were causing disruption to industry in the Community.
We realise that in the case of cotton toxtiles exports the position is particularly vulnerable. while the only common protection on imports of cotton textiles by the Community as a whole remains the Common External Tariff, the effective restrictions on these imports ere the quantitative restrictions under the G.A.T.I. Long Teru Agrangement. Until such tim
as the E,E. C. establi she s COMMON FORMeroial policy - and they have not made very mich progress so far quantitative restrictions on imports from cutside the Community are a matter for individual Member states. If
we were in the Market we might come under pressure, in the context of formulating a common commersial policy, to follow the restrictionist policies of B.E.C. countries. It is conceivable, on the other hand, that
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