CONFIDENTIAL
Hong Kong's External Commercial Relations
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1.
It is agreed that Hong Kong's external commercial relations
should be conducted on the basis of the following understanding:
The constitutional position is that HMG is responsible for the conduct of Hong Kong's external relations (including commercial relations); it being understood that, in keeping with its obligations under the United Nations Charter, this responsibility is exercised for the purpose of protecting the best interests of the people of Hong Kong.
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The Hong Kong Government will keep HMG informed of developments in the field of its external commercial relations.
Where HMG have not indicated that considerations of British international commercial policy are involved, the Hong Kong Government is responsible for determining the course of, and for the conduct of, Hong Kong's external commercial relations, with such assistance as it may be agreed could be furnished by HMG or HMG's overseas representatives.
Where HMG have indicated that considerations of British international commercial policy are involved, the Hong Kong Government may nevertheless continue, as appropriate in full- consultation and association with HMG, to exercise a similar responsibility, acting within the framework of such policies as may be agreed with HMG and in conformity with treaty obligations.
In the course of consultations between HMG and the Hong Kong Government on the policies to be followed in any situation where a conflict of interest is likely to arise, the following principles will be observed:
(a) It is recognised that there is no inherent necessity for the
policies followed by HMG and the Hong Kong Government always to be identical and that circumstances may on occasions require divergent policies to be followed.
/ (b)
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Private notes are available after approval.