EU and China To Have Formal Talks Regarding Textile Industry
The growing tension over trade between China and the European Union may be boosted soon, as the EU wants to have formal talks with China about its textile exports.
The European Union and United States have both been losing patience with China as textiles from the country have flooded both European and American markets.
Last week, China said that it would raise tariffs on 74 categories of textile exports in an effort to ease concern from the European Union and United States, but neither were satisfied with this move.
“This has found broad support among an overwhelming majority of our member states,” said EU trade chief Peter Mandelson regarding the proposed talks. “I want to find a mutually satisfactory agreement with the Chinese authorities.” AFX News Limited reports:
Tomorrow, Mandelson will meet with China’s special textiles negotiator Gao Hucheng to discuss the possibility of the EU and China reaching agreement on curbing the rise in Chinese textile exports.
The 25-nation EU has joined the US in increasing pressure on China to rein in its exports to protect their own textile industries following the end of international quotas on the trade on Jan 1.
China has dominated the textile industry since these quotas ended leaving all of these other countries hurting because they can’t afford to compete with China’s prices.
There has also been a lot of tension between China and the United States over China’s currency. The U.S. recently gave a China a six-month deadline to make the currency more flexible, but China said that it could not do so in a set timeframe.