An agreement in line with the recent Sino-EU textile agreement to curb the growth of Chinese textiles in the US is in the offing, officials reported to media in New York.
Following last Tuesday's optimism of US negotiator Robert Portman who had a series of confabulations with Chinese Minister Bo Xilai, it is learnt that China has agreed to US import curbs on 34 textile and clothing categories.
This deal that will run through the end of 2008 will be finally sealed in Geneva this week, sources said Sunday.
Earlier, US & Chinese trade representatives have embarked on a mission to find solution the uninterrupted imports of cheap Chinese textiles and appparels that have raised hue and cry among US textile makers fearing disruption and threat to domestic industry, since the ending of the WTO regime.
While US offered 12.5 percent growth in 2007 and 14 percent in 2008, China insists for new quotas at 20 percent in 2007 and 30 percent in 2008, sources said.
In certain textile categories, Chinese imports crossed 1500 percent and clothing and textile shipments to the United States jump 54 percent in the first eight months that rose to almost $17.7 billion.
marketing@alchempro.com
