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of jobs in parts of our country which have been amongst the
hardest hit by the recession of recent years. Within the limits
which the harsh economic facts, the Community mandate and the
nature of the negotiating process impose we shall do our best to
find a reasonable solution. I cannot, I regret, give any assurances
you will like that solution.
The MFA restrictions, however, are the only quantitative restrictions,
formal or otherwise, which we maintain on imports from Hong Kong.
The record shows you can successfully diversify your exports into
new and growing markets. Your exports of telecommunications and
sound equipment to us rose by some 25% between 1978 and 1981. We took
from you in 1981 double our 1977 imports of £23 millions, in photo-
graphic equipment, watches and clocks. Our imports of your electrical
machinery, apparatus and appliances, over the same period tripled
from a starting point of £15 millions. These examples show what
you can do to diversify and expand your trade. You do in fact run
a substantial surplus with us. I am confident that the innate
skills, enterprise and flexibility which have made Hong Kong what
it is will ensure that you continue to send us a large and growing
range of well made and reasonably priced goods.
I am heartened when I look also at our exports to you. Hong Kong,
with its 5 million people, is our 19th market. It has overtaken
Japan as our biggest Far Eastern market. In the first 5 months
of this year we sent you £331 millions but Japan £285 millions.
We provide only 5% of your imports, even so, and we wish to do
much better. Our record has improved a great deal in recent years,
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