With US to abolish textile quotas next year, many a doubt linger
08 Dec '06
1 min read
Quotas applicable to local textile and apparel products exported to US markets, will be cancelled from January 1, 2007.
According to Le Van Dao, Secretary General, Vietnam Textile and Garment Association (VITAS), quota abolishment will smoothen business for Vietnamese firms. This move is in accordance with WTO rules and bilateral trade agreement with US, he added.
He apprehended that US Committee for Implementation of Textile Agreements will keep an eye on every outgoing apparel batch to be exported in the last phase of quota system, which can create problems for local garment industry.
The US may also renege from importing apparel batches from Vietnam which exceed the 2006 quota till February 1, 2007.
After export turnover for first eleven months reached $5.4 billion with an increase of 25 percent compared to same period of 2005, Vietnam Ministry of Trade estimated textile and apparel exports turnover of the country to reach more than $6 billion.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
