TNAG-0627-FCO40-775-Effect-of-GATT-Multi-Fibre-Arrangement-on-Hong-Kong-negotiat-1977 — Page 205

TEX.HG/1

2

Recognizing further that such action should be designed to facilitate economic copansion and to promote the development of developing countrics possessing the necessary resources, such as materials end technical skills, by providing larger opportunities for such countries, including countries that are, or that may shortly become, new entrants in the field of textile exports to increase their exchange earnings from the sale in world markets of products which they can efficiently produce;

Recognizing that future harmonious development of trade in textiles particularly having regard to the needs of developing countries, also depends import..ntly upon matters outside the scope of this Arrangemont, and that such factors in this respect include progress leading both to the reduction of tariffa and to the maintenance and improvement of schemes of gonoralized preferences, in accordance with the Tokyo Duclaration;

Determined to have full regard to the principles and objectives of the General agreement on Tariffs and Trade (hereinafter referred to as the GATT) and, in carrying out the aims of this Arrangement, effectively to implement the principles and objectives agreed upon in the Tokyo Declaration of Hinistors dated 14 September 1973 concerning the Multilateral Trade Negotiations;

THE PARTIES TO THIS ARRANGANT have agreed as follows:

Article 1

1

1. It may be desirable during the next few years for special practical measures of international co-operation to to applied by the participating countries- in the field of textiles with the aim of eliminating the difficulties that exist in this field.

2. The basic objectives shall be to achieve the expansion of trude, the reduction of larriers to such trade and the progressive liberalization of world trede in taxtile producis, while at the soma tha ensuring the orderly and equitable development of this trade and avoidance of disruptive effects in individual nurkuts and on individual lines of production in both importing and exporting countries. In the case of those countries having small markets, an exceptionally high level of imports and a correspondingly low level of domestic production, necount should be vien of, the avoidane; of damage to those countries' minimum viable production of textiles.

3. A principal aim in the implementation of this Arrangement shall be to further the economic and social development of developing countrics and scoure a sub- stential incrcase in their sapori oʻrnings from textile products and to provide seops for a greater share fer than in world trade in these products.

who expressions "particip.ting country", "participating exporting country" and "partief mating dipersing, comany", wherever they appear in this Areangstent, shall be deemed to include the openn Wonoaie. Cozamity.