Pascal lamy, Director General, World Trade Organization participated in a live chat. Following are the excerpts:
Question: Since the elimination of WTO regulated textile quotas beginning January, 2005, it is rather surprising that countries have gone for arranging independent deals (Free Trade Agreements) that suit partner countries in question. This happened in the recent China-Europe and US-China Textile Agreement. There are more countries already having sealed such deals and many more still stitching them.
Answer: The elimination of quotas on textiles and clothing trade at the beginning of last year did not herald a new rash of free trade agreements (FTAs). Many FTAs were already being negotiated among different groups of countries. You refer in particular to agreements between China and the United States and Europe that were designed to moderate the adjustment pressures associated with the trading opportunities created by quota removal. These restrictions on trade are intended to be temporary and I hope they will be.
Question: China has experienced a soaring trade growth after its WTO Accession. But everybody knows China is only a big trade economy and it's still far from being a strong one. What do you think of it? Do you have any suggestions to China in transforming the mode of trade growth? China has experienced a soaring trade growth after its WTO Accession. But everybody knows China is only a big trade economy and it's still far from being a strong one. What do you think of it? Do you have any suggestions to China in transforming the mode of trade growth?
Answer: China has made remarkable strides in recent years and is becoming a more and more prominent player on the world stage in practically every domain. Trade expansion and domestic economic growth are clearly linked. Not everything can happen at once.
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