Africa Needs New Mkts To Replace Lost Textile Trade, by Elizabeth Price
Monday, April 18, 2005
Developing nations heavily dependent on textile production will need better access to markets in wealthy countries if they are to cope with China’s rising domination of world trade in clothing, African finance ministers said Sunday.
Timothy Thahane, Lesotho’s finance minister, said his country is struggling to adjust to the removal of global textile quotas that limited exports from trade juggernauts China, Pakistan and India. Lesotho, and other smaller textile producers, must look for new products for export, which will require them to attract new investment, he said.
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Source: The Wall Street Journal