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The Secretary for Trade and Industry, Mr CHAU Tak Hay, warmly welcomed today (May 19) the signing of an agreement between the Mainland and the European Union on the Mainland's accession to the World Trade Organisation (WTO).

"I am very pleased to hear this very good news. This long-awaited agreement represents another important step in the Mainland's WTO accession process. I very much hope that other related steps, including the passage of legislation to grant Permanent Normal Trade Relations (PNTR) status to the Mainland in the US, can be completed as soon as possible.

"As a major trading economy, the Mainland's accession to the WTO would enhance the universality of the multilateral trading system. It is in everyone's interest for the Mainland to assume her rightful place in the world trading system," said Mr CHAU.

"Hong Kong strongly supports the early accession of the Mainland to the WTO. Since the Mainland is our largest trading partner, we have much to gain from her accession. The further opening up of the Mainland's markets will bring about more trade and commercial opportunities for our businessmen.

"Hong Kong will also benefit from the more stable trade and economic relations between the Mainland and her trading partners which will result from WTO accession," Mr CHAU added.

End/Friday, May 19, 2000

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