China - Textile Trade
With the January 1, 2005 deadline looming, representatives from approximately 30 countries met with the WTO's Council on Trade and Goods and demanded that the WTO review the problems associated with the ending of textile quotas.
Ten years ago, the members of the WTO agreed to phase out and end textile quotas on January 1st. The US, along with many other textile producing nations, contend that China (who joined the WTO in 2002) should not be protected by the agreement since they were not members at the time it was reached.
This trade policy has far-reaching implications. The US textile industry projects that lifting the 40 year-old quota on textiles will cost about 30 million jobs worldwide within 2 years. It could easily allow China to dominate the international textile market and spell ruin for the US domestic textile and apparel industry. The US economy would also be impacted as our trade deficit grows.
Many US textile organizations are appealing to the US Government to implement safeguards to protect the industry once bans are lifted. One way is by preventing China from taking unfair advantage of the proposed Central American Regional free-trade agreement. The tariff preference levels (TPLs) must be excluded from the agreement. China cannot be permitted to export to the region duty-free. In just one year (March 02 - March 03), textile exports from China increased 140% and the US had 50 textile plants close and lost 40,000 industry jobs.
The American economy should not be expected to continue to be the looser in trade. It's time that our elected officials and industry leaders step up. Perhaps someone should tell candidates Bush and Kerry to make this a major campaign issue.
http://www.cotton.org/news/2003/AMTAC-statement.cfm
http://www.behind-the-seams.com/Industry/040622/Industry_040622c.htm
Ten years ago, the members of the WTO agreed to phase out and end textile quotas on January 1st. The US, along with many other textile producing nations, contend that China (who joined the WTO in 2002) should not be protected by the agreement since they were not members at the time it was reached.
This trade policy has far-reaching implications. The US textile industry projects that lifting the 40 year-old quota on textiles will cost about 30 million jobs worldwide within 2 years. It could easily allow China to dominate the international textile market and spell ruin for the US domestic textile and apparel industry. The US economy would also be impacted as our trade deficit grows.
Many US textile organizations are appealing to the US Government to implement safeguards to protect the industry once bans are lifted. One way is by preventing China from taking unfair advantage of the proposed Central American Regional free-trade agreement. The tariff preference levels (TPLs) must be excluded from the agreement. China cannot be permitted to export to the region duty-free. In just one year (March 02 - March 03), textile exports from China increased 140% and the US had 50 textile plants close and lost 40,000 industry jobs.
The American economy should not be expected to continue to be the looser in trade. It's time that our elected officials and industry leaders step up. Perhaps someone should tell candidates Bush and Kerry to make this a major campaign issue.
http://www.cotton.org/news/2003/AMTAC-statement.cfm
http://www.behind-the-seams.com/Industry/040622/Industry_040622c.htm
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