Europeans prepare to quit the import quotas for textiles made in China, starting on January 1 2008, hoping to avoid a new flood of poor quality products, AFP informs. The import quotas were re-introduced in June 2005, after only 5 months of completely free trade, in order to protect the European industry. Designed to function for an year, the new system is designed to that it would allow fast reactions in case of market floods. The market control system is expected to disappear completely in 2009.
In 2005, the annulment of all import quotas translated in an instant 47% growth of imports. "In 2006, EU ran a trade deficit of €128 billion with China, with officials predicting the figure will shoot up to €170 billion by the end of this year", EUObserver reads.
According to the EU publication, "The new deal includes measures such as export licenses given out by Chinese officials to their domestic producers and stronger surveillance in Europe".
