GATT Extends Curbs on Trade in Textiles
Trade negotiators here agreed Wednesday to extend existing international trade restrictions on textiles and clothing until the end of 1992, despite demands by Third World exporters for lower import barriers. The General Agreement on Tariffs and Trade textiles committee said the Multifiber Arrangement is being extended in the expectation that new rules being negotiated as part of the Uruguay Round of world trade talks will come into force in 1993.
The current rules act as a framework for import quotas negotiated between industrialized nations and developing countries. The arrangement, involving 41 countries, covers 80% of world trade in textiles and clothing that was worth about $196 billion in 1989.
GATT is a 102-nation forum that sponsors trade agreements and acts as a rule book in disputes.
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