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INDUSTRY AND TRADE

Republic of Korea. In response to an invitation extended by the Vice Minister of Commerce and Industry of the Republic of Korea, the Director of Commerce and Industry, accompanied by two senior officers of the department, visited the Republic in February. Discussions were held with Korean officials, commerce and trade organisations on topics of mutual interest and visits were made to a number of industrial areas.

DOCUMENTATION OF EXPORTS

Import and export licensing formalities are kept to a minimum consistent with Hong Kong's international obligations. The most complex formalities are those resulting from Hong Kong's obligations to restrain certain exports of textile products.

With Hong Kong's heavy dependence upon the export of manufactured goods, most of them made from imported materials, and the concurrent existence of a substantial re-export trade, the establishment of origin to the satisfaction of overseas customs authorities is vitally important. The Commerce and Industry Department issues certificates of origin and liaises with both overseas authorities and the four authorised non-Government certificate issuing bodies-the Hong Kong General Chamber of Commerce, the Indian Chamber of Commerce, the Federation of Hong Kong Industries and the Chinese Manufacturers' Association -to this end. The value of exports covered by standard certificates of origin during the year was $5,346.0 million. Of these $2,468.5 million were covered by the department's certificates.

Britain and a number of other Commonwealth countries grant preferential rates of duty to Hong Kong products. In order to support claims to preference, the department issues Commonwealth preference certificates against legal undertakings given by manu- facturers to use only Commonwealth raw materials or detailed cost statements prepared by accountants authorised for the purpose. The value of goods exported under these certificates during the year was $1,475.6 million.

United States law prohibits the importation of certain classes of goods presumed to originate in the People's Republic of China, North Korea or North Vietnam. As Hong Kong manufacturers