TNAG-0135-FCO40-171-Tariff-preferences-for-developing-countries-1969 — Page 110

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the significant extent to which Hong Kong depends on the U.S., German and Japanese markets (a) in relation to the rest of the world and (b) in relation to Britain. These three markets together are now taking over 45% of Hong Kong's total exports and about 32 times the quantity taken by Britain. It is evident from this that any move which discriminates against Hong Kong in these markets and gives a preference to such countries as Taiwan or South Korea (which are already keenly competitive in the particular ranges of goods exported by Hong Kong) could have a disproportionate effect on the British market, with relatively large increases in Hong Kong's exports to Britain. We might therefore be pressed towards the ultimate irony of joining in the general discrimination against Hong Kong.

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