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the EEC's present proposals were imposed on us. But, as you yourself, Mr. Chairman, have noted in first day of they megpletions Jone of our informal meetings, Hong Kong has an
"internal fragility". I think you will agree with me that Hong Kong's economic and political stability ultimately depends on our ability to export our manufactured products; and I cannot over-emphasise the point that half of those exports are in textiles and clothing products and that our two major markets are the EEC and the US which respectively take about one-third of our total exports and of our textiles and clothi
exporta
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No other country in the world depends
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on textiles and clothing exports as much as Hong Kong does. Hong Kong's vulnerability to discriminatio against, and reductions in, its textiles exports is therefore greater than that of any other country in the world. The kind of proposalswwhich the EEC is now trying to impose on Hong Kong is un- acceptable to Hong Kong not only because of the un- employment and reduction in GNP growth that they will cause, but also because they are bound to create aprecedent for Hong Kong other, overseas markets to follow. These other marke ts include of course the US whose importance to Hong Kong I have just mentioned. We have recently concluded a bilateral agreement with the US under the MFA for 5 years from 1978. The terms of this new agreement, though moro restrictive than our current agreement with the US, is almost a charter for free trade when compared with the EEC's present proposals for a new agreement. But we are not yet safe. The US has already put us on notice that if we conclude an agreement with the EEC which places it in an equitable position, it may seek to re-open its agreement with us. Norway has already requested Hong Kong to negotiate a mw
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