European Union's deliberation to implement quota based measures as a punishment to Chinese shoemakers has been strongly opposed by the shoe-makers' bloc.
Wu Zhenchang, leader of the bloc, has alleged that it was violation of agreement of quota abolition among World Trade Organization members and was against the spirit of free trade.
European Commission is likely to announce it's verdict after being voted by member states; Commission recommends import of 140 million and 95 million shoes from China and Vietnam, reducing the import to 80 percent of current trade.
Significantly, China exported 6.9 billion pairs of shoes to Europe last year.
The verdict which is likely to come before October 6, will take effect before April, 2007.
EU is further likely to impose a fine of 23 percent and 29.5 percent on China and Vietnam respectively for selling leather shoes beyond quota limits.
Lawyer of the Chinese firm, Yu Shengxing feared that these steps may lead to fierce price war among various exporters as they will try to win the limited access by price cuts.
marketing@alchempro.com
