TNAG-0145-FCO40-181-Exports-of-textiles-to-United-States-of-America-1969 — Page 152

(9) The solution could take one of three forms

(10)

(a)

A multilateral arrangement

(b) Bilateral arrangements

(၁)

(c) Unilateral action by Congress.

Something was, bound to happen shortly and

probably this year.

Hong Kong was the second largest exporter

of woollen textiles to the US. She was not

yet a big exporter of m.m.f. and while there

might be a problem for Hong Kong as regards

wool, she would not be seriously hit on m.m.f.

Sir J. Cowperthwaite opened by questioning several points

of Mr. Stans' statement, e.g. the likely multilateral effect

of action on the lines proposed, whether imports of less than

10% of consumption could really be regarded as a threat to

domestic interests and whether it was true that the US was the

only open market in textiles. This was true only in regard

to m.m.f. and wool (Mr. Stans confirmed that these were the

only products about which he was speaking) and it was question-

able whether this point arrected Hong Kong who had freedom

in its main markets already and is not taking advantage of its

open access to US markets. After some cross-examination of

this nature, Mr. Stans showed some irritation and asked Sir J.

Cowperthwaite to present his case.

4

/Sir J.