Trade Dispute Solved Constructively;
Stability, Predictability Sought by Industry
LONDON - U.S. Trade Representative Rob Portman and
Chinese Minister of Commerce Bo Xilai today announced that the
China had, after three months of intense
negotiations, reached a broad agreement on textile trade. The Agreement lasts
through the life of the China WTO Textile Safeguard, through 2008, covers more
than 30 individual products and contains quotas that begin at low levels.
“I am very pleased that the significant
contribution of time, energy and effort on the part of both countries over the
course of the last three months has resulted in an agreement that is fair to the
industries in both countries,” said Ambassador Portman. “Minister Bo and I have
been in constant communication over the past few months and his constructive
involvement throughout our negotiations demonstrate that the
China can resolve trade disputes in a manner that
benefits both countries.
U.S. goals have been clear. We sought an agreement that achieves the
stability and predictability sought by our retailers and textile producers, who
understandably found it hard to plan in the face of unpredictable safeguards.
This agreement is a good example of where, through hard work and good faith,
constructive solutions can be found to difficult trade issues,” Portman added.
A fact sheet on the agreement is available at