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The MFA was negotiated in 1973 to run for a
four year period ending on 31 December 1977. The fifty
or so participating countries which form the GATT Textiles
Committee have been meeting over the past few months to
consider, as it is put in the MFA itself, whether the
Arrangement should be extended, modified or discontinued.
The substantive Director of Commerce and Industry
made a statement in this Council on 20 April 1977 in which
he dwelt at some length on the attitude being adopted by
certain participants, notably the EEC who were reported to
be seeking modifications; and assured the Council, and
I quote, that the Government will continue its efforts to
persuade those of our trading partners who are doubtful
about it that the MFA as it exists now already provides for
as much restrictions on legitimate trade as we can reasonably
be expected to accept, and that this will be in the interests
not only of Hong Kong and of other developing countries,
but in the interests of the growth of world trade on which
the developed countries also depend.
Since then, there has been much activity but
regrettably not a final solution. The EEC dropped its plans
to seek modifications to the form and content of the agreement,
but its spokesmen made it known on the public record that
they would be seeking certain understandings from their
trading partners regarding the manner in which an extended
MFA might be implemented.
I will not, indeed because of the confidential
nature of the Textiles Committee's discussions I cannot,
/recount
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