terms of the protocol, and of what we clawed back,
preserved, and had to give away. While the result
reflected great credit on our negotiators, it nevertheless
does leave all to play for in the bilateral negotiations
that will take place in the course of this year, and I have no illusions about the pressures which will be put on us,
though I am much heartened by the skill we were shown by
our negotiators.
13.
It is depressing in 1981 and '82 to have the same
arguments produced as in 1977, though now totally
discredited. The effect of massive unemployment in Europe we recognise and sympathise with goodness knows our own spinners, weavers and finishers and in the past many other industries have faced painful adjustments. But everyone knows that Hong Kong is not the culprit if that is the
term for supplying what people want to buy and that exports of sensitive items to Europe have actually declined. The pressure is coming on Europe not from Hong Kong but from the U.S. and other developed countries.
Of course
action against such trading partners is impossible, but. to demonstrate a response of some sort, there is a distinct danger that some may seek to cut back our trade still
further instead. Hong Kong is a major market in its own right, and a major bridge to other markets. We never restricted anyone's goods. We however protected our own producers. We have never refused restraint when damage
was fairly proved. But if countries seek to restrict
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/ our exports
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