CONFIDENTIAL #B
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statistics), the proposals of the Special Representative
would have involved a cut-back of HK$480 million
(£60 million) or 14%. In terms of trade potential, on
the notional basis of the present agreement being extended
unchanged, the loss in export potential would amount to
at least HK$1,028 million (£128.5 million). There are
sound practical reasons why Hong Kong would not be able
to recoup the loss by expanding exports of other less
sensitive restrained items to the EEC.
4.
But in trading terms the significance is
unlikely to be limited to exports to the EEC. In a side
letter to Hong Kong's bilateral agreement on trade in
textiles and clothing with the United States, the United ·
States Government has notified that if Hong Kong's other
bilateral agreements place the United States, in an
inequitable position, the United States Government will
seek consultations with the Hong Kong Government.
reduction in access rights to the EEC would also prejudice
Hong Kong's position in forthcoming negotiations with Norway,
Sweden and Canada.
5.
A
The cut-back the EEC propose for 1978 compared
with 1976 would render 10,000 people unemployed. In
addition, the loss of job opportunities resulting from
the loss of export potential could be as high as 24,000.
EEC. lost 550,5 joby (11%) Artvin 1973 819768 will love a
enesed Tucles 1,600,000
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