TNAG-2321-FCO40-3365-Human-rights-in-Hong-Kong-1991 — Page 149

Recognising that trade represents an essential sector of their co-operation, and bearing in mind that the provisions contained in the above preamble apply in particular to this sector,

Considering that the volume and structure of trade among the participating States do not in all cases correspond to the possibilities created by the current level of their economic, scientific and technological development,

Are resolved to promote, on the basis of the modalities of their economic co-operation, the expansion of their mutual trade in goods and services, and to ensure conditions favourable to such development;

Recognise the beneficial effects which can result for the development of trade from the application of most favoured nation treatment;

Will encourage the expansion of trade on as broad a multilateral basis as possible, thereby endeavouring to utilise the various economic and commercial possibilities;

Recognise the importance of bilateral and multilateral intergovernmental and other agreements for the long-term development of trade;

Note the importance of monetary and financial questions for the development of international trade, and will endeavour to deal with them with a view to con- tributing to the continuous expansion of trade;

Will endeavour to reduce or progressively eliminate all kinds of obstacles to the development of trade;

Will foster a steady growth of trade while avoiding as far as possible abrupt fluctuations in their trade;

Consider that their trade in various products should be conducted in such a way as not to cause or threaten to cause serious injury—and should the situation arise, market disruption-in domestic markets for these products and in par- ticular to the detriment of domestic producers of like or directly competitive products; as regards the concept of market disruption, it is understood that it should not be invoked in a way inconsistent with the relevant provisions of their international agreements; if they resort to safeguard measures, they will do so in conformity with their commitments in this field arising from international agreements to which they are parties and will take account of the interests of the parties directly concerned;

Will give due attention to measures for the promotion of trade and the di- versification of its structure;

Note that the growth and diversification of trade would contribute to widen- ing the possibilities of choice of products;

Consider it appropriate to create favourable conditions for the participation of firms, organisations and enterprises in the development of trade.

Business contacts and facilities

The participating States,

Conscious of the importance of the contribution which an improvement of business contacts, and the accompanying growth of confidence in business relationships, could make to the development of commercial and economic relations,

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