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Australian wool growers peg high hopes on Sanya conference
18
Sep '12
Australian wool producers have high hopes from the wool conference that kicked off last week with participants from all across the globe discussing wool trade in Sanya, located in Hainan province of China.
 
Australian wool growers are of the opinion that the 24th International Wool Trade Fair and Information Conference, aimed at discussing the global wool trade, would benefit them as wool delegates, including producers, weavers, spinners, brokers and agents and representatives of international wool boards, are participating in the event.
 
The wool trade fair furthers a common platform to Chinese and global wool exporters for networking and even more importantly for trade purposes.
 
According to Australian wool producers much business is done during the conference as it facilitates direct interaction between buyers and sellers, and hence they eye an opportunity to benefit from the same, as more business would follow.
 
Following reduced activity from Chinese wool market over the past two months, Australian industry circles have developed a view that Chinese buyers have been reserving some orders to be placed at the conference. In spite of knowing that this could also have an adverse impact, Australian industry experts are taking it positively.
 
In the course of the conference, Australia and China would also sign a review of terms and conditions of mutual trade, which is seen to benefit Australia in a big way.
 
For quite some time, Australia had been actively trying to get some changes incorporated in the terms and conditions related to dispute resolution and arbitration. 
 
Traditionally, China has been working outside some rules and regulations of the International Wool Textile Organization (IWTO) pertaining to dispute resolution. However, Australia has finally negotiated some changes, which would see China now adhering to the IWTO’s dispute resolution procedures.
 
As of now, if a buyer and a seller fail to strike a consensus, they need to use a legalistic and costly dispute resolution process managed by a Chinese organization – the China International Economic and Trade Arbitration Commission.
 

Fibre2fashion News Desk - India

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