WTO accession may not be cure for garment industry
Viet Nam News, Vietnam
by Phuong Hoa
Viet Nam is close to wrapping up negotiations with other countries for World Trade Organisation (WTO) membership. Once completed, full membership will only be a matter of time. What does that presage for the country’s textile industry?
Opinion is divided. Some say membership in the trade organisation will open the doors to many markets around the world. But others warn an export boom is not a given but will depend purely on the competitiveness of the nation’s textile industry.
What are the issues at stake here? For the last 30 years the Multi-Fibre Agreement determined global textile exports. There were quotas for all exporting countries. But it was scrapped last year and countries became free to export as much as the market would stand. However, this privilege is extended only to WTO members. Read more about WTO accession may not be cure for garment industry …