AMENDMENTS to legislation governing the trade in sensitive technology such as computers and aircraft parts were gazetted last Friday in a Government bid to match controls issued by the Co-ordinating Committee For Multilateral Export Controls (COCOM). Paris-based COCOM monitors the trade of ''strategic commodities'' - mainly sensitive high technology and military products - to prevent weapon proliferation in countries such as Iran, Iraq and North Korea. A Trade Department spokesman explained that the amendments to Schedule 1 of the Import and Export Regulations reflected the latest COCOM controls on goods listed under Atomic Energy and Munitions categories. The spokesman added the amendments also enabled Hong Kong traders to benefit from COCOM's ''significant relaxation'' of controls on dual-use goods - products with both military and commercial applications that are listed under the industrial category - such as computers, signal processing equipment disk drives and modems. COCOM is the acknowledged watchdog of trade in Western technology and has a 17-nation membership comprising the North Atlantic Treaty Organisation (NATO) countries, except Iceland, plus Australia and Japan. Hong Kong was granted ''intra-COCOM'' status last year, enabling the territory to enjoy the same licensing benefits available to COCOM member countries. Prior to the granting of ''intra-COCOM'' status, Hong Kong traders were required to deal with complex and stringent licensing procedures when importing and exporting sensitive high technology products. After being gazetted last Friday, the amendments will be tabled during tomorrow's Legislative Council meeting, and if there is no objection from the council it will become law after 28 days. Long-time COCOM-watcher and Hongkong Telecom director of community affairs Anthony ''Con'' Conway applauded the speed with which Hong Kong's trade rules were being brought in line with COCOM. In this case, the changes have been put before Legco just months after COCOM made significant control relaxations. ''What this demonstrates is that we do take our intra-COCOM status very seriously, and we realise that we are being looked at very closely,'' Mr Conway said. The best way Hong Kong could ensure it retained its intra-COCOM status after 1997 - and to ensure that status did not become a ''political pawn'' - was diligence in the monitoring of its rules and regulations, Mr Conway said. ''I think we have done extra-ordinarily well,'' he said. ''We have certainly come a long way compared to seven or eight years ago when people didn't understand it. ''Now our implementation of its rules and regulations . . . is just so important [to ensure Hong Kong retains that status].'' Companies or individuals convicted of trading ''strategic commodities'' without an appropriate licence are liable to an unlimited fine - with the amount decided at the discretion of the presiding judge - and seven years imprisonment. The gazetting of the amendments on Friday followed the November 22 conviction of Jetpower Industrial Ltd, which was fined $306,000 in South Kowloon Court. after pleading guilty to several counts of dealing in ''strategic commodities'' without a licence, including the illegal export of military parts to Iran. In the aftermath of what was the first case of its kind to go before the territory's courts the head of the Customs and Exise Department's trade controls branch, Leung Yau-yam, criticised the fine imposed on Jetpower as being too lenient and said the Legal Department was being consulted to see if the penalty could be increased.