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Sino-US textile agreement takes effect Jan. 1st '06
Updated: 2005-12-31 16:12

The textile agreement between China and the US to cap the growth of China's textile and garment exports to the US at a rate of 10% to 15% will take effect on January 1, 2006, Xinhua News Agency reports.

This ceiling of export growth rate is largely worked out based on US de facto imports of goods from China in the year 2005, the report says.

According to the report, this move shows the US government will continue restricting the quantity of imports of as many as 21 categories of goods including cotton trousers from China. This comes after the worldwide abolishment of the textile quota system in early 2005.

This agreement has basically, for the next three years, dissipated the uncertainty hovering over the largest and the most sophisticated export market for Chinese textile exporters, the report says, citing comments made by an unidentified official of the Chinese Ministry of Commerce on Saturday.

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