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Textile experts oppose FTA with Korea
21 Nov '08
1 min read
Three Free Trade Agreement's (FTAs) approved months ago have still not been ratified and approved by the US Congress. These FTAs with Panama, Colombia and South Korea had met with opposition from major association bodies, though it is supported by importers.
The FTA with South Korea has met with major opposition as textile experts argue that an FTA with South Korea will not bring value to US textile manufacturers, since that country already has a vibrant textile and apparel industry.
While on the other hand, they aver, with the implementation of the agreement, a surge in cheap textile and apparel products in to the US can be expected without any inherent benefit to domestic manufacturers.
The National Council of Textile Organizations (NCTO, the main textile lobbyist on Capitol Hill is not opposed to the impeding FTAs with Panama and Colombia. They say that there will be too little textile trade with Panama; while Colombia can present very good opportunities to US yarn and fabric manufacturers.
The FTA with South Korea has met with major opposition as textile experts argue that an FTA with South Korea will not bring value to US textile manufacturers, since that country already has a vibrant textile and apparel industry.
While on the other hand, they aver, with the implementation of the agreement, a surge in cheap textile and apparel products in to the US can be expected without any inherent benefit to domestic manufacturers.
The National Council of Textile Organizations (NCTO, the main textile lobbyist on Capitol Hill is not opposed to the impeding FTAs with Panama and Colombia. They say that there will be too little textile trade with Panama; while Colombia can present very good opportunities to US yarn and fabric manufacturers.
Fibre2fashion News Desk - India
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