BELGIUM: EU Ambassador Calls For Market Innovation
EU Ambassador John Bruton has urged the US and Europe to be more innovative in tackling the post-quota textiles market.
The Associated Press reported Bruton as saying that a new strategy is needed to overcome China's low production costs now that trade between World Trade Organisation members is free from restrictions.
"We've got to find a way to produce different things," Bruton said in a meeting of the House Federal Relations and Trade Issues committee.
Bruton admitted that overcoming China's trade advantages is not an easy task but added: "It's part of the process of redevelopment. It's part of the process of growth."
Both the US and Europe have reported considerable growth in Chinese textile imports since quotas ended at the start of 2005.
The US has already filed safeguard petitions on certain Chinese exports, while the EU is currently considering doing the same.
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