DAILY REVIEW OF BUSINESS TOPICS AS REPORTED IN THE CHINESE PRESS
Trade Industry and Customs Department
豊田小
PA
Translated by theOemerascendnustanarimant
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25 1777978
GOVERNMENT UNDERRATED THE ADVERSE EFFECTS OF THE NEW AGREEM PRATIE.
Hong Kong Economic Journal (19/1)
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In a recent address, Mr. David Jordan, Director of Trade Industry and Customs, pointed out that though several elements of the newly concluded textile agreement were outside the provisions of the MFA, the terms of the final version were a good deal better than what the Community was originally seeking from Hong Kong. He said the agreement could have been a lot worse. Some people of the textile trade, however, believed that the Government had underestimated the effects of the new agreement on the trade. Four sensitive items suffered severe cutbacks, though the overall quota limit is 2% higher than that for 1976. According to Government estimates, the quota for trousers is only 14% lower than the 1976 level. Manufacturers estimated the loss to Hong Kong would be equivalent to over 20% reduction at 1976 level, mainly because the old agreement provided more flexibilities.
In an interview with the newspaper's reporter, sources close to the Government said the estimate's made by TIC were based on rough statistics. Discrepancies with actual conditions are therefore not impossible.
Issue Number: 8
Date: 19/1/1978
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