China Scolds U.S. for Textile Restrictions
China Scolds U.S. for Textile Restrictions
China Scolds U.S. for Textile Restrictions
By WILLIAM FOREMAN
The Associated Press
Monday, June 13, 2005; 5:21 AM
HONG KONG -- Chinese Vice Premier Wu Yi praised the European Union on Monday for settling a trade dispute over China's surging textile exports, and criticized the U.S. for slapping a restriction on textiles before talks could resolve the disagreement.
Wu said in a keynote speech to the biggest Asia-Pacific business organization that it was natural for countries to have some friction as global trade brings economies closer together.
"The key is how to handle this friction," she told the Pacific Basin Economic Council.
Wu complained about America's recent decision to impose a 7.5 percent cap on the increase in Chinese textiles this year. "This severely harmed Chinese textile enterprises that were enjoying the benefits of globalization," she said.
"We strongly urge nations to respect WTO regulations and to use fair negotiations and cooperative efforts to properly manage the textile issue," she said.
America started restricting Chinese textiles after international textile quotas were scrapped on Jan. 1. The U.S. and the European Union have complained that cheap Chinese textiles have been flooding their markets and that measures are needed to better manage the swelling imports.
Both the U.S. and the Europeans insisted that under the rules of the World Trade Organization, they can restrict imports that are disrupting their markets. But China has argued that they have yet to clearly prove market disruption.
Over the weekend, the EU and China agreed on limits on Chinese textile exports. The deal allows for gradually rising caps on increases in Chinese textile exports to Europe over the next three years, with all limits to be done away with in 2008.
Wu said the agreement was proof that two sides can use the "principles of equality, mutual interest and mutual respect" to resolve trade disputes.
China has no agreement with the United States on textiles.
Earlier Monday, the head of the World Trade Organization, Supachai Panitchpakdi, said ending the textile quotas has benefited global trade. He added that some nations must adjust to the change _ an apparent reference to the U.S. and European Union.
"For some countries, there should be some adjustment costs," Supachai said, without identifying the nations.
Malaysian Prime Minister Abdullah Ahmad Badawi was scheduled to give a keynote dinner speech.
The Hong Kong-based Pacific Basin Economic Council is an international business association that says it represents about 1,000 companies in 20 economies across the region.
© 2005 The Associated Press
China Scolds U.S. for Textile Restrictions
By WILLIAM FOREMAN
The Associated Press
Monday, June 13, 2005; 5:21 AM
HONG KONG -- Chinese Vice Premier Wu Yi praised the European Union on Monday for settling a trade dispute over China's surging textile exports, and criticized the U.S. for slapping a restriction on textiles before talks could resolve the disagreement.
Wu said in a keynote speech to the biggest Asia-Pacific business organization that it was natural for countries to have some friction as global trade brings economies closer together.
"The key is how to handle this friction," she told the Pacific Basin Economic Council.
Wu complained about America's recent decision to impose a 7.5 percent cap on the increase in Chinese textiles this year. "This severely harmed Chinese textile enterprises that were enjoying the benefits of globalization," she said.
"We strongly urge nations to respect WTO regulations and to use fair negotiations and cooperative efforts to properly manage the textile issue," she said.
America started restricting Chinese textiles after international textile quotas were scrapped on Jan. 1. The U.S. and the European Union have complained that cheap Chinese textiles have been flooding their markets and that measures are needed to better manage the swelling imports.
Both the U.S. and the Europeans insisted that under the rules of the World Trade Organization, they can restrict imports that are disrupting their markets. But China has argued that they have yet to clearly prove market disruption.
Over the weekend, the EU and China agreed on limits on Chinese textile exports. The deal allows for gradually rising caps on increases in Chinese textile exports to Europe over the next three years, with all limits to be done away with in 2008.
Wu said the agreement was proof that two sides can use the "principles of equality, mutual interest and mutual respect" to resolve trade disputes.
China has no agreement with the United States on textiles.
Earlier Monday, the head of the World Trade Organization, Supachai Panitchpakdi, said ending the textile quotas has benefited global trade. He added that some nations must adjust to the change _ an apparent reference to the U.S. and European Union.
"For some countries, there should be some adjustment costs," Supachai said, without identifying the nations.
Malaysian Prime Minister Abdullah Ahmad Badawi was scheduled to give a keynote dinner speech.
The Hong Kong-based Pacific Basin Economic Council is an international business association that says it represents about 1,000 companies in 20 economies across the region.
© 2005 The Associated Press
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