TNAG-1401-FCO40-1873-Future-of-Hong-Kong-continued-participation-in-the-General-A-1985 — Page 14

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SAME TIME AS IT MAKES THE DECLARATION UNDER ARTICLE XXVI 5(C) OF

THE GATT TO MAKE A PARALLEL DECLARATION UNDER THE CONVENTION ESTABLISHING THE CCC AND TO SPONSOR HONG KONG'S MEMBERSHIP

THEREIN.

FINANCIAL AND ADMINISTRATIVE IMPLICATIONS

19.

CONTRIBUTION TO THE GATT BUDGET IS BASED ON THE INDIVIDUAL

CONTRACTING PARTY'S SHARE OF WORLD TRADE. IF HONG KONG WERE

ALREADY TO HAVE BECOME A SEPARATE CONTRACTING PARTY TO THE GATT, ITS CONTRIBUTION FOR 1985 WOULD HAVE BEEN 800,000 SWISS FRANCS (SWF), PLUS 42,000SWF TOWARDS WORKING CAPITAL FUND (ABOUT DOLLARS HK 2,483,900 AT THE EXCHANGE RATE OBTAINING ON 29 APRIL 1985). 20. HONG KONG'S CONTRIBUTION TO THE CCC WOULD BE LIKELY TO BE

THE MINIMUM PAYABLE BY EACH CONTRACTING PARTY IE 0.2 PER CENT OF THE CCC'S ANNUAL BUDGET. (THIS AMOUNTED TO 573,472 BELGIAN FRANCS (BEF) IN 1984/85 ABOUT OPEN SQUARE BRACKETS INSERT HONG KONG DOLLAR EQUIVALENT CLOSE SQUARE BRACKETS AT THE EXCHANGE RATE OBTAINING ON 29 APRIL 1985). THIS ASSUMPTION IS BASED ON THE FACT THAT THE MINIMUM IS PAID BY COUNTRIES SUCH AS SOUTH KOREA

AND SINGAPORE. THE FORMER IS A LARGER ECONOMY THAN HONG KONG

THOUGH IS POORER IN PER CAPITA TERMS.

THE LATTER IS A SMALLER ECONOMY THAN HONG KONG THOUGH IS SLIGHTLY

RICHER IN PER CAPITA TERMS.

21.

IF HONG KONG WERE TO BECOME A CONTRACTING PARTY TO THE GATT, IT WOULD APPEAR BOTH LOGICAL AND POLITICALLY DESIRABLE FOR IT TO

ECONOMIC TRADE HAVE AN OFFICIAL GATT MISSION IN GENEVA. THIS WOULD DO MUCH TO

REASSURE OTHER GATT CONTRACTING PARTIES ABOUT THE CONTINUATION OF

SEPARATE CONTRACTING PARTY STATUS FOR HONG KONG AFTER 1997

WHETHER OR NOT CHINA HAD BY THEN BECOME A CONTRACTING PARTY WITH

ECONOMIC TRADE ITS OWN OFFICIAL GATT MISSION. THE POSSIBILITIES OF AN OFFICIAL

MISSION FOR HONG KONG WOULD HAVE TO BE EXPLORED WITH THE SWISS

AUTHORITIES.

22. NO SIGNIFICANT CHANGES IN THE ARRANGEMENTS FOR REPRESENTING

HONG KONG'S COMMERCIAL INTERESTS IN THIRD COUNTRIES ARE ENVISAGED

IN THE FORESEEABLE FUTURE. (A POSSIBLE EXCEPTION MIGHT BE

BRUSSELS, WHERE THE HONG KONG GOVERNMENT OFFICE IS ACCREDITED TO THE BELGIAN GOVERNMENT AS PART OF THE BRITISH EMBASSY TO THAT

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