TNAG-1483-FCO40-2037-Economic-situation-in-Hong-Kong-1986 — Page 169

within the British

delegation.

But by their

made on

23 April 1986,

the

Governments

have taken the

respective declarations

British and Chinese

necessary steps to secure the continuation of Hong

Kong's participation now as a contracting party in the

GATT up

to and beyond 1997. As member countries of

the GATT account for over four-fifths of total world

trade, we naturally attach much significance to Hong

Kong's participation in this international trade body.

11.

$

1

This year is a particularly eventful one in

the GATT context. Following intensive negotiations in

Geneva, the Textiles Committee of the GATT adopted on

1 August a protocol

extending the Multi-Fibre

Arrangement (MFA) for a further period. of five years.

until 31 July 1991. The new Arrangement extends the

coverage to materials which previously were outside

the ambit of the MFA. On the other hand, it also

contains some improvements for exporting countries,

including provisions to strengthen the rules for

determining market disruption. Although, overall, the

MFA remains a protectionist and discriminatory

instrument, it provides a period of certainty for our

very important textiles and garment trade.

/12. Ministers