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FOXX REACTS TO U.S., CHINA TEXTILE TRADE PACT
Washington, DC,
November 8, 2005
United States Rep. Virginia Foxx (N.C.-5) issued the following statement this afternoon regarding today’s U.S.-China textile agreement:
FOR IMMEDIATE RELEASE United States Rep. Virginia Foxx (N.C.-5) issued the following statement this afternoon regarding today’s U.S.-China textile agreement: “I am pleased that the United States and China have agreed to limit imports of Chinese textiles and apparel until 2008. This agreement will allow American textile and apparel businesses the certainty they need to plan for the next three years. “This agreement will also cut China’s market access in 14 apparel categories by 2.5 percent in 2006. It will place 20 new textile and apparel categories under the three year quota, allowing a total of 34 categories to be controlled. “China has been crippling our manufacturing economy by illegally flooding our markets. China’s idea of fair trade has been government subsidies of its textile and apparel exports, currency manipulation and forgiveness of loans by its government banks. Today’s agreement is a good step in addressing China’s unfair trade practices. However, it is only a temporary fix. We must continue to take action to prevent China from damaging our economy in the future. “Today’s announcement is an encouraging sign as we head into the next rounds of WTO talks in December. My colleagues on the Congressional Textile Caucus and I have called for separate talks on textile issues so that negotiators can focus on important issues such as safeguards past 2008, China’s monetary policy and other critical issues facing the industry. We must continue to address the greatest threat to our U.S. economy – China.” ### |