. /.WORLD TRADE
ORGANIZATIONWT/L/292
9 December 1998
(98-4947)
Original:  English
INFORMAL MINISTERIAL MEETING,
HONG KONG, CHINA, 20 NOVEMBER 1998
Joint Ministerial Statement
Communication from Hong Kong, China
The following communication, dated 4 December 1998, has been received from the
Hong Kong Economic and Trade Office.
_______________
Ministers and their representatives from Argentina; Australia; Chile; the Czech Republic;
Hong Kong, China; the Republic of Korea; Mexico; New Zealand; Singapore, Switzerland; Thailand;
and Uruguay met for an Informal Ministerial Meeting in the Hong Kong Special Administrative
Region on 20 November 1998, and discussed preparations for the World Trade Organization's ThirdMinisterial Conference.
The Ministers and their representatives agreed to a Joint Ministerial Statement.  A copy of the
Statement is enclosed.
1
It would be appreciated if this communication and the enclosed Joint Ministerial Statement
could be circulated for the information of WTO Members.
                                                     
1 The Statement is reproduced as an Annex to this document.WT/L/292
Page 2
ANNEX
Informal Ministerial  Meeting in Hong Kong, China
20 November 1998
Joint Ministerial Statement
1 Ministers and their representatives from Argentina; Australia; Chile; the Czech Republic;
Hong Kong, China; Hungary; Republic of Korea;  Mexico; New Zealand; Singapore; Switzerland;
Thailand and Uruguay met in the Hong Kong Special Administrative Region on 20 November 1998
and discussed preparations for the World Trade Organisation's Third Ministerial Conference, which is
to take place in the United States just over a year from now.
2 We recalled that successive rounds of multilateral trade negotiations have laid the foundation
for the expansion of international trade under a rule-based system.
3 We agreed that the challenge now – especially in the light of the financial crisis – was to build
on that foundation through continuing to strengthen the multilateral framework of rules and through
further progressive trade liberalisation.
4 We reaffirmed that markets must be kept open. Binding WTO commitments have so far
prevented backsliding into protectionism. We agreed  that full and timely  implementation of existing
WTO agreements and obligations is crucial for the realisation of further broad-based negotiations. But
we did not regard the status quo as enough.
5 Our exchange led us to a common perception that economies now needed more opportunities
to trade their way to renewed prosperity and improved employment.  In other words, we regarded the
further expansion of international trade as an urgently needed part of the solution to the financial
crisis.
6 WTO Members are already committed to resume negotiations in certain areas from 31
December 1999. However, we concluded that a new comprehensive round of multilateral trade
negotiations is the best way to maximise gains for all  WTO Members.  We felt that a single
undertaking, with results binding on all WTO Members, would produce greater benefits for all than
any other approach.
7 All of us emphasised the need for balance. We recognised that new negotiations would need
to pay particular attention to and take full account of the special concerns of developing and least
developed  economies.
8 We noted that the momentum in favour of further broad-based negotiations was growing. But
views were expressed that increasingly active, collective leadership would be required , including from
the major trading economies and the United States as the host of the Third Ministerial Conference,and that greater efforts would be needed in order to build consensus among all WTO Members.
9 In the light of these very fruitful discussions, we agreed that WTO Members could, and
should, provide a powerful response to the financial crisis by agreeing to launch a  further round of
broad-based and balanced negotiations in the year 2000. Our objective would be to secure a high
quality outcome within a short duration.  Such a co mmitment would in our view send a strong signal
that the multilateral trading system will act expeditiously to strengthen the basis for improved long-
term prosperity.
__________