Legal Structure of International Textile Trade

Legal Structure of International Textile Trade

Legal Structure of International Textile Trade

Legal Structure of International Textile Trade

Synopsis

Acronyms Preface Introduction MFA Safeguard Framework Supervising the Implementation of the MFA and Resolving Disputes: Insititutions and Procedures MFA and GATT MFA IV Negotiations and Future International Textile Trade Legal Regime Appendixes: MFA Institutional Structure; Indicative Checklist; TSB's Composition; MFA I; MFA II; MFA III; MFA IV Selected Bibliography Index

Excerpt

International textile trade plays an important role in the world economy. Textile exports are a major source of foreign exchange earnings for developing countries, accounting for about one-third of their manufactured exports. The textile and apparel manufacturing industry also represents a leading source of manufacturing employment in both developing and developed countries. Textile trade policy thus has a direct impact on the economic welfare of these countries and often has significant social and political consequences as well. The conflict between the developing countries' demand for market access and developed countries' desire to protect domestic industry is a major source of tension in North-South relations. The textile trade is also the first sector of international trade to be separated from the post-war legal framework established by GATT and placed under a special regime inconsistent with GATT free-trade principles. The pattern of the international textile trade's legal framework will have a significant impact on the direction of the overall international trade legal regime. Understanding the rules governing textile trade and related practice is important not only for those with an interest in textile trade, but also those generally interested in international trade and the international economy.

The special regime governing international textile trade has existed for about thirty years and has now developed into a complex system reflected in the Multifiber Arrangement, commonly known as the MFA. The MFA system provides rules allowing importing countries to impose textile import restrictions under certain carefully defined conditions, and a system to resolve disputes. This book provides a comprehensive treatment of this subject to assist those who need to acquire a basic understanding of the laws in this area or who are interested in conducting further research in this and related areas. Many rules reviewed in this book are discussed in a historical context and are viewed as they have been applied in trade practice.

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