Registry No.
SECURITY CLASSIFICATION
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Secret.
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Unclassified.
PRIVACY MARKING
lower case
typ
(885363) Dd. 896639 1,000M 8/71 SLS.
NOTHING TO BE WRITTEN IN THIS MARGIN
CONFIDENTIAL
DRAFT
To:-
28/415
2.8/
Type B + Bruf No. 6.
From
In Confidence
л/к
Starday of State's. Visit to Hang
February 1972.
Kong
Telephone No. & Ext.
Department
Developments in World Trading Systems and their effect
on Itong Hung
INTERNATIONAL TRADE PROSPECTS
1.
With the international monetary settlement, and
the abolition of the US import surcharge and the "Buy
American" provision in the US job development tax
credit scheme, the threat of a descent into protec-
tionist warfare between the developed countries has
been staved off. Through her "voluntary" restraint
agreement on non-cotton textiles with the US, Hong Kong
has played a significant part in the defusing of the
situation.
2. The bilateral trade negotiations on outstanding
short term issues between the US on the one hand and
the EEC, Japan and Canada on the other have been
predictably tough. But there are grounds for
optimism that enough progress will prove to have been
made to enable the US Administration to present to
Congress the Bill to give formal effect to the
devaluation of the dollar.
3. Under the procedure for consultation during the
interim period, we gave our assent to the Community's
negotiating mandate, and have been consulted at each
stage of the se negotiations. We also supported and
welcomed the Community's Declaration of Intent, prior
to the opening of the negotiations, in which they
proclaimed their willingness to take part in global
:
/trade
CONFIDENTIAL
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