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Singapore:US & EU textile import curbs unwarranted, says World Bank |
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2005-6-30
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The World Bank announces that the proposals by US and EU policymakers to curb Chinese imports were unmerited and insincere.
Peter Stephens, the World Bank''s spokesman for Asia informed that rise in tariffs and imposing quotas on trade are the nastiest response.
The US and EU accused that its domestic textile players have been harmed by increase in Chinese imports since ending of quota system, which ended on 1 January, 2005.
US has already imposed restrictions over the growth of Chinese textile imports at 7.5 percent early this year, and some of the US politicians wish to curb Chinese textile imports by 27.5 percent tariffs.
In a meeting, held between EU & China, reached to an agreement in which China agreed to restrict its growth of exports from 8 percent to 12.5 percent per year through 2007, in 10 categories of textiles.
Stephens stated that, in a move to stop the coming out of China and the growth of India by outdated methods like tariff protection is just like trying to barricade the tide with a small wall of sand.
The administrations of the US and EU should try to pull out appropriate results through more talks with Asian countries.
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