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| Global Textile Quotas Lifted after Forty Years |
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The removal of global quotas on textile and apparel trade on January 1, 2005 marks the beginning of complete trade liberalization in the field after 40 years.
Many believe the lifting of textile quotas will help developing countries increase exports due to less expensive raw materials and labor under the WTO framework.
In addition, consumers across the world would also benefit from the free textile trade.
China pledged to address the concerns of other developing countries, especially underdeveloped countries, for the common development of textile trade after the textile quotas was removed, said Chinese Minister of Commerce.
The lifting of all textile quotas was secured last October when the WTO held a meeting to review the implementation of the Textile and Apparel Agreement reached in the Uruguay Round of talks.
(CRI.com, People's Daily January 2, 2005)
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