TNAG-1155-FCO40-1435-Visits-by-Members-of-Parliament-(MPs)-to-Hong-Kong-1982 — Page 212

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particularly to the developing countries (in 1980, textiles

accounted for 8.7% of world trade in manufactures, and 32%

of developing countries' exports of manufactures and semi-

manufactures).

7.

In Hong Kong's view, the Ministerial Meeting should work

towards achieving:

(a)

(b)

(c)

a recognition that the MFA is a temporary

derogation from the General Agreement on Tariffs

and Trade and resolve that textiles trade should

be liberalized within the shortest possible time

and to resolve that, meanwhile, restraints on

textiles should be applied only under the MFA

and that the rules of the MFA should be respected;

an in-depth examination of the economic impact

of the restraints and of the prospects that

would be offered to the developing countries by

the phasing out of the restraints; and

an examination of the modalities for the phasing

out of restrictions leading to the full applica-

tion of GATT rules to international trade in

textiles.

II. Hong Kong's Trade and Economic

Relations with the UK

.nnex 1

Annex 2

8.

Although the balance of visible trade between Hong Kong

and the UK has consistently been in Hong Kong's favour (see

Annex 1), the trend in recent years has been moving gradually towards parity. The ratio between Hong Kong's domestic

exports to the UK and Hong Kong's imports from the UK changed

from 1:0.72 in 1977 to 1:0.82 in 1981. Corresponding figures

in the case of the trade in manufactures (SITC Group 5-8) were

1:0.65 in 1977 to 1:0.77 in 1981 (see Annex 2).

9.

The...../-