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The following is a transcript of remarks by the Information Co-ordinator, Mr Stephen Lam, to reporters today (November 15) in Brunei at the annual APEC meetings:

Question: (SCMP): Stephen, what's Mr Tung hoping to achieve at this APEC summit?

Mr Lam: Well, the APEC summit is one of the most important economic forums, internationally speaking. I think APEC leaders will have a wide agenda tomorrow. They will talk about the possibility of launching a new round of multi-lateral trade talks under the WTO. They will have an opportunity to review progress, discussing about the possibility of strengthening international financial architecture. I presume the subject of oil prices will also come up. So this is Hong Kong's participation in APEC continuing for another year and for Hong Kong's support for free trade internationally to be pushed forward.

Question: (SCMP): Could you give us some details of the bilateral sessions Mr Tung had today?

Mr Lam: Well, I'm very happy to do so. This morning the Chief Executive called on President Jiang. It was more of a social nature. Every year when APEC Leaders gather the President often makes time available to meet with the Chief Executive. They talked about a number of issues, particularly the international economic circumstances, the developments in Europe and North America and the impact and effects these developments have on the Asian economies.

The Chief Executive also called on the Sultan of Brunei, because Brunei is the host to the APEC meetings and the leaders meetings. Mr Tung thanked the Sultan for playing host to Hong Kong and to the other economies. Also, because Brunei is a very important, considers oil revenue to be a very important part of its income, the increases recently in international oil prices has a positive effect on the government's revenues. However, the Sultan also considers that long-term stability in international oil prices is important for the rest of the world and tomorrow APEC Economic Leaders will have an opportunity to talk about this subject.

Finally, I would like to say a word briefly about the bilateral meeting between the Chief Executive and the New Zealand Prime Minister [Helen Clark], because Hong Kong and New Zealand have determined in principle to launch talks on the possibility of entering into a Free Trade Agreement. That was one of the point subjects of today's discussions. Both sides consider that the economies of New Zealand and Hong Kong are very compatible. New Zealand has very well trained human resources and technologies. Hong Kong has an international financial centre and easy access to the Mainland economy. The New Zealand Prime Minister made a very interesting remark. She noted the intent of Hong Kong to develop into a wine distribution centre. She remarked that : 'We've got the wine in New Zealand. You've got the centre in Hong Kong and we shall support you.'

Thank you.

Information Co-ordinator's transcript in Brunei (Chinese part)

End/Wednesday, November 15, 2000

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