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USA:Textile exporting countries seek WB & IMF help |
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2004-11-2
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The World bank (WB) and International Monetary Fund (IMF) have been urged to provide financial aid to textile exporting countries on a case-by-case basis.
With the textile quotas being removed from January 2005, the global textile industry in face of the low cost China products flooding the marketplace, fear crisis, and to overcome the situation have sought help from the leading financial bodies.
On the other hand, World Bank President James Wolfensohn and IMF Managing Director Rodrigo de Rato said there were already support schemes in place to help developing countries cope with greater trade liberalisation.
"On the textile side we are working on a country by country basis, but we are not 100% clear on the way the textile negotiations are going to come out," Wolfensohn said after a WTO meeting.
Rato informed the WTO''s 148 member states that IMF assistance under its Trade Integration Mechanism "addresses part of this problem" but offered no other initiative to provide assistance. |
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