Home / Knowledge / News / Textiles / MoC terms separate US restrictions as unfair

MoC terms separate US restrictions as unfair

12
Mar '10
Chinese Minister of Commerce, Chen Deming said recently that the separate restrictions imposed on its exports by the US administration since 2007 are unfair. The move has not only exacerbated trade frictions, but has also turned in to a disadvantage to US exporters and manufacturers and is also creating obstacles to the goal set by the US to raise employment rate and restore the economy as soon as possible.

Chen Deming referred to the State of the Union Address of Barrack Obama in which he spoke about doubling the export revenue of the US in the next five years and become the world's largest trading exporter. Deming argued by saying that, China-US trade will be difficult to balance, if the US continues to implement separate export restrictions against China, the world's largest emerging country.

Chen Deming termed the current controls implemented specifically over China's exports by the US as very strict. He said, “from 1949 to 1994, the US launched and organized 'COCOM' (Coordinating Committee for Multilateral Export Controls) Agreement", and later imposed trade restrictions against 19 countries, including China, by using new treaties. In 2007, the US added more separate restrictions on China.

Chen Deming also clarified a few misconceptions on China's trade surplus. He pointed out that although China is a country with relatively large trade surplus, the trade surplus accounted for a very small proportion in the world compared to total foreign trade of China totaling to over US $2500 billion in the year. The trade surplus of China in 2008 reached $290 billion, of which 73 percent of the surplus was in trade with the US, while it has deficits with more than 50 countries.

Fibre2fashion News Desk - China


Must ReadView All

Pic: Shutterstock

Textiles | On 30th Mar 2020

PRC economy to quickly return to potential growth: PBOC

China's economy will swiftly return to its potential growth rate,...

Pic: Shutterstock

Apparel/Garments | On 30th Mar 2020

COVID FightBack: Malaysia takes steps to tackle impact

Malaysia will grant a six-month delay on most loan payments to ease...

Pic: Shutterstock

Retail | On 30th Mar 2020

NRF hails US House of Representatives consent to CARES Act

The National Retail Federation has welcomed the quick passage by the...

Interviews View All

Nuno Venda, ROQ

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Top executives, Textile industry

Top executives
Textile industry

In 10 years' time, everything will have the responsible factor integrated

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Yogesh Kanani,

Yogesh Kanani

Incorporated in 1999, Purani Textiless Private Limited is a leading...

Luca Formentini,

Luca Formentini

From the very beginning, Loris Bellini's aim was to produce dyeing...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search