INS Textile Regulation Ebook--Chapter Summary

Chapter 1: 2001 Perhaps the biggest news in 2001 was China's admission as a member of the World Trade Organisation, which opened countless trade avenues but caused significant anxiety for China's competitors. Meanwhile, governments prepared for the slow abolition of textile quotas with the phase-out of the Agreement on Textiles and Clothing. In March, for instance, the European Union (EU) removed its textile quotas for Sri Lanka, Bosnia and the Ukraine, widening the import market for those producers in exchange for lower tariffs on EU exports. In July, the European Commission issued a warning to the European textile industry to change its structure to remain competitive in light of the ATC (agreement on textiles and clothing) phase-out.