Current GATT negotiations
The GATT Long-Term Arrangement, which covers cottons only, expires on 30 September this year. An international Working Party is about to embark on the second phase of a study of international trade in textiles the identification of problems and (provided the developing countries and Japan agree) the search for solutions. Hong Kong is unusual among developing countries in recognising that a new international agreement covering all textiles is desirable, in that it would define the circumstances in which restraints are justifiable and possibly provide for independent scrutiny or review of restraints, whereas without an agreement the powerful importing countries will be free to negotiate or impose the restrictions which their highly protectionist domestic textile industries are constantly demanding. We also favour a new multi-fibre agreement under GATT auspices, and our interests therefore coincide closely with those of Hong Kong.
CT Division 9 March 1973
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