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US, 皇冠体育app reach textile agreement
(Reuters)
Updated: 2005-11-08 16:31
LONDON, Nov 8 (Reuters) - The United States and 皇冠体育app
reached agreement on Tuesday on 皇冠体育app's booming clothing and textile shipments
to the United States.
Chinese shopkeepers
prepare their merchandise at a textile market in Shanghai in this October
13, 2005 file. [Reuters/files] |
U.S. Trade Representative Rob Portman and Chinese Commerce Minister Bo Xilai
announced the deal at a joint news conference in London and hailed it as a
success for both sides.
"I believe the textile agreement shows our ability to resolve tough trade
disputes in a manner that benefits both countries," Portman said.
The accord is aimed at smoothing over a rough spot in the US-皇冠体育app trade
relationship before President George Bush visits Beijing in the middle of this
month.
皇冠体育app's exports of clothing and textile products to the United States jumped
more than 50 percent in the first eight months of 2005 to nearly $17.7 billion
following the end of a global quota system on January 1.
That prompted U.S. textile producers to seek protection under a "safeguard"
provision of 皇冠体育app's 2001 entry into the World Trade Organisation. The measure
allows WTO members to restrict the growth in imports from 皇冠体育app to 7.5 percent
annually when there is a market-disrupting surge.
The Bush administration has imposed safeguard curbs on billions of dollars of
Chinese clothing imports this year. But because the curbs have to be renewed
annually, textile groups have pushed for a comprehensive agreement that would
limit imports until 2008 when the safeguard provision expires.
Cass Johnson, president of the National Council of Textile Organizations,
said on Sunday the new textile agreement was expected to restrict 34 categories
of clothing and textile imports from 皇冠体育app through 2008.
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