HONG KONG'S trade growth will be dragged down by China's economic slowdown and the economic difficulties in Europe and the United States, says a top trade official.
Overall trade growth would be about 12 per cent this year, slightly less than the anticipated 14 per cent, said Director-General of Trade Tony Miller at the opening of a trade fair yesterday.
'For the first half of this year, European markets were 'fat' in those products of interest to us, and similarly the US,' he said.
However, some areas of business had been growing rapidly. For example, the re-export of office equipment to Southeast Asia.
Mr Miller also said that he hoped China's bid for re-entry to the General Agreement on Tariffs and Trade (GATT) would be accepted as soon as possible.
'I cannot say I am optimistic that everything will be worked out by January 1. I hope it will be, but time is getting very short. I think a lot will depend on what happens in the next month or so,' he said.
The World Trade Organisation (WTO) will succeed GATT on January 1. A meeting will be held between the various contracting parties of GATT on December 8 to discuss the final details of the institutional arrangements for WTO.