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Garment sector to benefit if US offers LDC trade deal
10 Nov '11
2 min read
The domestic garment sector is set to benefit the most if the US agrees to provide duty free treatment to Cambodian clothing exports, along the same lines, as announced by China recently in France.
The Chinese President set the ball rolling for the Least Developed Countries (LDCs) at the recently concluded G-20 summit when he said that China was willing to provide duty-free access to imports from LDCs for 97 percent of its taxed imports.
The Cambodian Minister of Commerce - Cham Prasidh was one of the first to react at the WTO's first review of Cambodian trade policy by saying that the United States should follow China's lead in providing the same treatment to LDCs.
The European Union, Canada and Japan have adopted similar tax preferences for LDCs. However, the collapse of the Doha negotiations in 2008 prompted the US to stall the treatment.
The US had made the commitment to provide preferential treatment to imports from LDCs, six years ago in Hong Kong, to the extent of 97 percent of its overall imports.
Cambodian exports to US touched US $2.3 billion in 2010, with garments accounting for $1.84 million or nearly 80 percent of overall exports to the US.
The Chinese President set the ball rolling for the Least Developed Countries (LDCs) at the recently concluded G-20 summit when he said that China was willing to provide duty-free access to imports from LDCs for 97 percent of its taxed imports.
The Cambodian Minister of Commerce - Cham Prasidh was one of the first to react at the WTO's first review of Cambodian trade policy by saying that the United States should follow China's lead in providing the same treatment to LDCs.
The European Union, Canada and Japan have adopted similar tax preferences for LDCs. However, the collapse of the Doha negotiations in 2008 prompted the US to stall the treatment.
The US had made the commitment to provide preferential treatment to imports from LDCs, six years ago in Hong Kong, to the extent of 97 percent of its overall imports.
Cambodian exports to US touched US $2.3 billion in 2010, with garments accounting for $1.84 million or nearly 80 percent of overall exports to the US.
Fibre2fashion News Desk - India
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