TNAG-2024-FCO40-2886-Relations-between-Hong-Kong-and-Commonwealth-countries-1990 — Page 86

CODE 18-77

Mr Dew, FID

Ms Marsden HKD

Mr Warren-Gash, SED

Mr Penfold, WIAD

SGLAJG

ns

Reference..

Mr Stone

HK B 020/22

RECEIV YE

- 3 MAY 1990

DESK OFFICER

INDEX

***

* Takei

COMMONWEALTH FINANCE MINISTERS MEETING 1990 :

REPRESENTATION OF DEPENDENT TERRITORIES

X

1. In recent years we have invited representatives of Dependent Territories to attend the annual meetings of the Commonwealth Finance Ministers (CFMM) as part of the UK Delegation. We propose to do the same again for this year's meeting which will take place in Port of Spain, Trinidad and Tobago, on 19-20 September, with the meeting of the Senior Finance Officers in the afternoon of 18 September and that of the Board of Representatives of the Commonwealth Fund for Technical Cooperation that morning.

2. When the Treasury, who lead on the CFMM in Whitehall, agreed some years ago to the inclusion of representatives of up to 4 DTS in the UK Delegation, the idea was that each DT who wished to attend should be invited in turn. In practice because of their importance as financial centres, Hong Kong and Bermuda have been invited every year, and the Cayman Islands, who have attended regularly for many years, now probably expect to be included each year as a matter of course as well. Gibraltar, with its expanding offshore finance sector, made a point of seeking a place last year and have again asked to be included this year, and they no doubt feel that they should also have a regular place.

3. If we are to oblige all four this year the quota of places will be filled without giving a chance to any of the others who might be interested. Last year, exceptionally, the Treasury agreed to a fifth slot and I suspect that they would not be too averse to the same number again this year if we can demonstrate that real interest exists. Before I pursue this with them I would like confirmation that Hong Kong, Bermuda and the Cayman Islands will infact wish to participate; as I mentioned, Gibraltar has already expressed its interest. If all four want places, who should have the fifth? Last year it was taken by the British Virgin Islands. Perhaps it would help Montserrat improve its image if they took part this time around?

Any bids?