Exclusive Trading

Financial In Market By Philip White

made goods were up in February, made goods, which were up 1.6 percent. The record trade gap has focused lawmakers on China's textile exports to the US since production quotas are no longer necessary The Bush administration is attempting to limit textile imports in response to the trade gap issue. Imports of textiles and clothing from China rose 10 percent in February even though the overall trade gap with China fell.

Oriental Trading (EUNN)London - Trade representativesfrom China and the U.S. have hammered out a textile trade agreement weeks before President Bush is scheduled to visit Beijing. The trade agreement limits textile exports to the U.S. through 2008, relieving trade tensions between the two nations over which textiles had been a major area of concern to the United States.

Mexico expects to sign an agreement with China ''very soon'' on the communist nation's entry into the World Trade Organization, Mexico's foreign minister said Tuesday. Mexican agreement would leave Switzerland as the only WTO member that has yet to sign off on China' year quest to join global trade' making club. ''We will conclude our negotiations and sign the agreement very soon.''

Financial Forex Forex Software The agreement, which took almost a half year for the two countries to work out, caps Chinese exports to the U.S.for the next three years for products such as cotton pants andknit shirts. Of the 34 Chinese products coveredin the trade agreement, the 19 largest product lines were already capped under current U.S. restrictions. The trade agreement nowgoes into effect Jan. 1st.

Under World Trade Organization rules, on January first all WTO members must abolish the web of quotas that has governed the textile trade for 40 years. Under the new rules, import tariffs are not being outlawed, but countries will no longer be allowed to set specific limits on textile products coming from other countries. This week, China, in an effort to ease relations with poor country competitors as well as with the European Union and the United States, said it would impose new export levies to slow its exports, and prevent disruptions to global markets.

Trading Rob Portman the United States trade representative told reporters in London, "This textile agreement is an example of how the U.S. and China have the ability to resolve tough trade disputes that benefit both countries."

. (EUNN) Trade representativesfrom China and the U.S. have hammered out a textile trade agreement weeks before President Bush is scheduled to visit Beijing. The trade agreement limits textile exports to the U.S. through 2008, relieving trade tensions between the two nations over which textiles had been a major area of concern to the United States. The agreement, which took almost a half year for the two countries to work out, caps Chinese exports to the U.S.for the next three years for products such as cotton pants andknit shirts. Of the 34 Chinese products coveredin the trade agreement, the 19 largest product lines were already capped under current U.S. restrictions. The trade agreement nowgoes into effect Jan. 1st.

Trading Financial System Source: EU News Network

Rob Portman the United States trade representative told reporters in London, "This textile agreement is an example of how the U.S. and China have the ability to resolve tough trade disputes that benefit both countries."

[ Comment, Edit or Article Submission ]