The sources referred to the report, which says, US importers should expand trade relationships with other low-cost countries, such as Pakistan, India and Bangladesh to reduce the risk of sourcing from only one country. .
“We will voluntarily give up the low-end market as former textile giants have done,” said Cao Xinyu, a senior official of China Chamber of Commerce of Import and Export for Textiles. .
China would not aim to monopolize the global textile market by 2005 even if quotas curbing the free flow of textiles and apparel were lifted, a local industry leader observed. He said it would be impossible for China to dominate the market in 2005 as many had forecast. .
It would pay the way for the country like Pakistan to get its due share in foreign trade business. Under the Agreement on Textiles and Clothing (ATC), all quotas restricting textile and clothing trade among World Trade Organization (WTO) members would be eliminated by December 31, 2004.