The End of Multi-Fiber Arrangement: Opportunities for China's Textile Industry
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Code : ITF0026
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Region : :Vatican |
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MULTI-FIBER ARRANGEMENT (MFA) International textile and apparel industry has been governed by theMulti-FiberArrangement since 1974. This arrangement, which came into effect on January 1st 1974, enabled an importing country to lay down quantitative restrictions on textile and apparel imported into the country, if it believed that these restrictions were essential to avert market disruption For three decades, developed countries restricted the number of items that could be imported under each product category... CHINA’S TEXTILE AND APPAREL INDUSTRY China’s textile industry was traditionally an important industry and has had its ups and downs over the years. In the first half of the 20th century, the textile industry stagnated due to inadequate raw materials, archaic technology and the need to import equipment and machinery from abroad. After 1949, when the People’s Republic of China was founded, dedicated effortsweremade to revive the textile industry, which at that time could notmeet the needs of its domestic population... THE END OFMFA:OPPORTUNITIES AND CHALLENGES FOR CHINA According to a US International Trade Commission report, released in February 2004, “China is expected to become the ‘supplier of choice’ for most US importers ... because of its ability to make almost any type of textile and apparel product at any quality level at a competitive price.”AWTO study, released in September 2004, estimated that after the end of theMFA, China along with India, could account for as much as 80% of the global textile market... |
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