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USA:US And Vietnam sign extension of textile quotas |
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2004-8-23
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Vietnam and the United States of America have agreed to a one-year extension of their textile and apparel bilateral textile quota agreement.
According to the new pact, in currency through 2005, has a special provision that will permit Vietnam this year to borrow up to 8 percent of next year’s quota. That provision will help US importers who have exhausted their this year’s quota.
During the first seven months of this year, Vietnam’s exports to the United States amounted to $2.5 billion.
US textile manufacturers have been strongly opposed to the Vietnam agreement ever since it was negotiated in April 2003. They charged that many of the products used to help determine the base for establishing quotas were not made in Vietnam.
Investigations carried out by the US Customs Service determined that was the case, and it levied a penalty reducing the quota by 2.5 percent. That set off a strong protest from US textile manufacturers who charged that the extent of the problem was much larger, but no further action was taken. |
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