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Following is the full text of the luncheon speech by the Chief Executive, Mr Tung Chee Hwa, at the Informal Ministerial Meeting in Hong Kong at Government House today (Friday):

Distinguished guests, ladies and gentlemen,

I am most delighted to host this closing lunch in honour of the participants in the Informal Ministerial Meeting. I would like to extend to you our warmest welcome to Hong Kong.

After the reunification with China on July 1, 1997, Hong Kong continues to play an active role in the WTO as a separate member using the name "Hong Kong, China". Hong Kong treasures immensely our close cooperation and excellent relationship with all of you in the WTO. The importance of the multilateral trading system cannot be over-emphasised. It provides a rules-based framework for interactions between economies making up to 90 per cent of world trade. It also provides a forum for progressive trade liberalisation, with the ultimate aim of total free trade in both goods and services.

As part of China, we are pleased that China is becoming an increasingly important member of the world community of nations. We also firmly believe that as a major world economy, China's early accession to the WTO would enhance WTO and the universality of the multilateral trading system.

While no one has challenged the need for a new set of negotiations, there is as yet no consensus on its scope. We need to cultivate support in this direction. Indeed, agreement is needed by this time next year at the Third WTO Ministerial Conference. We are brought together by a common conviction that the negotiations need to be broad-based in order to ensure that the eventual package is in the interest of all participants, whether developed or developing.

I am pleased to learn from Brian that you had a very fruitful discussion this morning. I am sure the initiative you have taken today will bear fruit.

Thank you.

Photo: The Chief Executive, Mr Tung Chee Hwa, the Financial Secretary, Mr Donald Tsang and the Secretary for Trade and Industry, Mr Chau Tak Hay, taking a group photo with the guests at the Government House.

End/Friday, November 20, 1998

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