China and the EU agreed by 12.5%
On Friday, after lengthy negotiations between the Chinese Minister of Commerce Bo Xilai (Bo-Xilai) and EU Trade Commissioner Peter Mandelson (Peter Mandelson) in Shanghai was awarded a new contract regulating the export of textile products.
According to the agreement signed between China and the EU, exports of Chinese textile products to the EU market to 10 categories shall be limited to 12.5% in the year up to the end of 2007.
Export restrictions ranging from 8-12.5% per annum will be applied to textile products, including T-shirts and flax yarn - as defined by the EU guidelines on the terms of the agreement.
Stakeholders have informed the EU that of other categories of textiles will be monitored on the basis of the rights of EU Member States to restrict imports, which is due to the terms of China#39;s accession to the WTO in 2007.
The new treaty entered into force on Saturday. The volume of Chinese textile imports will be calculated on the basis of performance of the first two months of 2005 (the first year when quotas were lifted on Chinese exports), as reported fibre2fashion.com.
