Finally Free Trade
Finally Free Trade
The Future of the Global Apparel Industry
This chapter demonstrates that the Agreement on Textiles and Clothing (ATC) renewed the threat of low-wage competition by Asian firms. It is also shown that the China is a major competitor to the Caribbean Basin Initiative (CBI) countries and Mexico for access to the U.S. apparel market. A rapid acceleration of textile and apparel production for export in Asian countries has intensified competition in the U.S. textile, apparel, and retail complex. China's state-owned textile and apparel industries are now being closed, as the government promotes the construction of a more modern and efficient privatized textile industry in anticipation of increasing its exports. Trade liberalization has facilitated new levels of global concentration in the textile and apparel industries. Both Latin America and Asia are now poised to compete in the U.S. market, and there soon may be new competition from African export-processing zones.
Keywords: Agreement on Textiles and Clothing, low-wage competition, China, Caribbean Basin Initiative, Mexico, U.S. apparel market, U.S. textile, trade liberalization, free trade
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