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No.
Q.
A.
Is timescale a draft agreement this summer?
The timescale is not yet clear but the pattern, broadly speaking, is working towards a draft agreement towards end summer, beginning autumn, for discussion in HK and obviously here as well. I think people have now quite clearly focussed on the idea of wanting to bring these long-running discussions to a conclusion if we possibly can.
Q.
A.
A treaty or some lesser legal document?
The precise form has not yet been worked out but the objective is an international agreement between China and ourselves. One of the things which people in HK are understandably anxious about is to have the best possible assurance of the reliability of the arrangements that will be made. And they believe and we believe that an international agreement is the best way of achieving that on the basis that the Chinese do attach importance to their reputation for
honouring treaties and international agreements.
Q. What negotiating cards do we have? Chinese seem to have them all?
A. I think that's obviously one of the facts that we have to
recognise. The main feature that we have on our side is the importance of HK to China, not just as an economic outlet although that is certainly an important factor, but the importance to her of being able to achieve arrangements after 1997 which show that it can continue to work in this
way. She, in other words, wants to achieve that as much as we do, although having a less direct perception of what it is that makes that work, and I think that A large part of
our discussion with them has been expounding to them what is the key components that create the vitality of Hong Kong. Let's take an example: Hong Kong, although a dependent territory, does have a separate standing in GATT, has a separate standing
in the multi-fibre arrangements and a lot of other international
things of that kind. Plainly if Hong Kong is to continue with the same kind of economic prosperity after 1997 it will need to retain things of that kind and its links with them, the Asian Development Bank and a whole range of economic institutions. and that is one area where it will be important for us to
cooperate with the Chinese in securing the same kind of arrange- ments for Hong Kong thereafter.
and where they recognise
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