Singing of the recent US-China Memorandum of Understanding concerning trade in Textile and Apparel Products between US Trade Representative Robert Portman and Chinese Minister of Commerce Bo Xilai has set a conciliatory tone for future missgiving over the textile issue.
US-China Memorandum of Understanding concerning Trade in Textile and Apparel Products clearly states that both the countries will cooperate in prevention of circumvention of agreed levels of transshipments, rerouting, flase declaration etc.
As regards carrying forward of the unfulfilled quotas for a a particular year, the MOU says no more than 2 percent of it can be done. It has a provision for 3 percent also but subject to conditions.
For administration of the MOU, a proposed electronic VIS system will be established.
The MOU is valid for the period January 1, 2006 to December 31, 2008.
Click to view US-CHINA Memorandum of Understanding.
Trade & Industry Department, Govt of Hong Kong
marketing@alchempro.com
