17 Dec
1971
15 Feb
9 May
23 Jun
1 Jul
1 Aug
15 Aug
23 Aug
28 Aug
15 Sep
1 Oct
8 Dec
34
A new three year United States/ Hong Kong Cotton Textiles Agree- ment, retroactive to 1 October 1970, to be co-terminous with the extended CTA, was formally ratified.
Sterling became a decimal currency.
Following a meeting of EEC coun- tries, the Deutschemark and the guilder were allowed to float, and the Swiss franc was revalued by 7%.
EEC countries approved, in prin- ciple, the admission of the United Kingdom into the EEC.
The EEC introduced the General- ised Preference Scheme (GPS) for developing countries. Hong Kong was included as a beneficiary under the Scheme, except for textiles and footwear.
Japan introduced Phase One of its GPS for developing countries, but Hong Kong was not included as a beneficiary.
The President of the United States announced the imposition of a temporary surcharge of 10% on imports, other than those subject to mandatory quotas. The United States announced that it would no longer buy and sell gold freely for the settlement of international trans- actions.
France adopted a dual exchange rate system for commercial and non- commercial transactions.
The yen was allowed to float.
Following protracted but incon- clusive consultations with the United States Government, Hong Kong introduced, unilaterally, restraint on exports of wool and man-made fibre (mmf) textiles to the United States with effect from 1 October 1971.
Norway introduced its GPS. Hong Kong was excluded from the initial list of beneficiaries.
The United Kingdom decided to maintain, as from 1 January 1972, quantitative restrictions on imports of woven cotton textiles in addition to tariffs.
18 Dec
20 Dec
1972
1 Jan
6 Jan
22 Jan
1 Mar
The "Smithsonian" Agreement was concluded on the realignment of exchange rates. The United States dollar was devalued by 7.89%, and the official price of gold was raised by 8.57% from US$35 to US$38 per ounce. The yen was re-fixed. Exchange rates were to be main- tained within margins of 24%, instead of 1%, either side of the central rates.
The United States import surcharge of 10% was lifted following the devaluation of the United States dollar.
New Zealand introduced its GPS. Hong Kong was included as a beneficiary.
Sweden introduced its GPS. Hong Kong was included as a beneficiary. Finland introduced its GPS. Hong Kong was excluded from the initial list of beneficiaries.
Ireland introduced its GPS for imports from developing countries, including Hong Kong.
The United Kingdom introduced its GPS for imports from developing countries, including Hong Kong.
Denmark introduced its GPS, but Hong Kong was not included as a beneficiary.
The United Kingdom introduced new Commonwealth Preference rates of duty for cotton yarn and woven cotton textiles, which were generally 85% of the full rates.
A five year United States/Hong Kong Wool and Man-Made Fibre Textiles Agreement, retroactive to 1 October 1971, was formally ratified, and certain related amendments were made to the United States/Hong Kong Cotton Textiles Agreement.
The United Kingdom, Denmark and Ireland signed the Treaty of Acces- sion to the EEC.
Switzerland introduced its GPS. Hong Kong, though included in the list of beneficiaries, was excluded from preferential treatment for tex- tiles and footwear.
No comments yet.
Private notes are available after approval.