Brazil Gets Promise That Chinese Will Limit Textile Exports

Brazil’s minister of Development, Industry, and Foreign Trade, Luiz Fernando Furlan, confirmed today that there has been progress in the textile accord between Brazil and China. According to Furlan, the Chinese agreed to limit part of their textile exports to Brazil until 2008.

The political settlement was reached alongside the World Trade Organization’s (WTO) 6th Ministerial Meeting, which began Tuesday, December 13, and ends on Sunday, December 18, in Hong Kong, China. The presence of representatives from 149 countries has enabled Furlan to hold bilateral meetings.

Regarding a Chinese self-imposed limitation on textile exports to Brazil, the Minister affirmed that all that is missing is a legal examination of the accord by the Chinese. He said that the Chinese wanted a pledge from Brazil not to resort to safeguard mechanisms against other Chinese products.

The proposal was rejected, but Furlan guaranteed that Brazil will make every possible effort, via bilateral channels, before applying protectionist measures in other sectors.

According to Furlan, the Brazilian offer was accepted as the "basis" for an accord, but the matter will be discussed further at a meeting scheduled for January in the Chinese capital, Beijing.

The safeguards would cover synthetic fabrics, textured polyester threads, silks, velvets, sweaters and pullovers, embroidery, and knitwear shirts.

Agência Brasil

Tags:

Ads

You May Also Like

Minas Gerais looks for better design to export its products

Minas, Brazil’s Number 2 Exporter, Uses Design to Increase Its Appeal

The state of Minas Gerais, in the Brazilian Southeast, has just opened the Minas ...

Brazil Warns WTO Talks Will Fail If Past Consensus Is Not Kept

Brazilian Foreign Minister Celso Amorim warned on Tuesday that global trade talks would fail ...

Another Down Day for Brazilian Stocks

Latin American markets collectively receded, following a downturn in U.S. shares. U.S. Federal Reserve ...

Honduras to Dominate Mercosur’s Summit. Brazil Still Refuses to Accept New President

The Honduras' situation and the dispute over the recognition of just-elected Porfirio Lobo as ...

Brazil Blames Dismal GDP on Peoples’ Love for Soccer

Brazil’s economy expanded less than anticipated in the second quarter as workers across the ...

Price of Food Boosts Brazil Inflation to 5.63%, Well Above Government’s Target

Inflation (IPCA – Consumer Price Index) reached 0.83% in November, in Brazil, the highest ...

New ‘Teams’ of Brazilians in Formula Indy

From 2001 through 2003 Brazilians Hélio ('Spiderman') Castroneves and Gil de Ferran constituted the ...

Banks Upbeat about Brazil

Brazil Central Bank’s latest weekly survey of how 100 financial institutions and consultancy firms see ...

The Art of Giving

Close to 19 million adult Brazilians have become tired of waiting for government help ...

Long Will Live Free Markets

Why did many Brazilian businesspeople desert Serra and back Lula? They believe that someone ...