TNAG-0626-FCO40-774-Representation-of-United-Nations-Economic-and-Social-Commiss-1977 — Page 52

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12.

Turning to the subject of regional trade, I would like to report that the

pattern of liong Kong's trade with ESCAP regional members in 1976 followed that in

previous years. In 1976 we imported US$5,400 million worth of goods from the

region. This represented 58% of our total imports. Our domestic exports to the

region amounted to US$1,000 million, or 15% of our total domestic exports. Taking

into account our re-export of US$1,100 million to the region, our trade deficit with the region in 1976 amounted to US$3,300 million, compared with a deficit of

US$2,400 million in 1975. Thus Hong Kong has not only continued to generate.

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significantly the supply of foreign exchange to the ESCAP region, but has also

improved this contribution by 30% in 1975 over 1975. We hope to be able to

sustain this contribution, but it will only be possible if no further restrictions

are placed on international trade, particularly with regard to the textile trade

from which Hong Kong as well as some of the developing countries in the region

'derive an important portion of their export carnings.

13. As regards development and cooperation in the region, we are glad to see

the completion of the Economic and Social Survey of Asia and the Pacific, 1976

which has summarised the picture of the region so vividly. To formulate a pragmatic and effective international development strategy at the regional level, we have to

be aware of both the achievement made and the problems encountered by member

territories in the region. The information which the survey provides will be most

useful in guiding the decision madking process relating to regional development

and cooperation..

14.

In concluding, Mr. Chairman, we should also welcome the progress made in

the integrated programme for rural development and the technical cooperation programme among developing countries (TCDC), both of which will no doubt facilitate economic growth and improve the standards of living of the people in this region.

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