Today the Council adopted a Commission proposal for a Regulation that will eliminate from 1st January 2005 all quantitative restrictions on the import of textile and clothing products from WTO countries. This Regulation implements one of the key commitments taken at the end of the last WTO Trade Round (”Uruguay Round”) in 1994.

The Council Regulation will abolish from 1 January 2005 all quotas on imports of textile and clothing products from WTO countries. It will also establish a transitional regime concerning the import in the first quarter of 2005 of products subject to the import quota regime in 2004.

The Regulation also sets up a statistical monitoring system for the imports to the EU of a number of textile and clothing products. This will give early intelligence on signs of serious market disruption and will allow the EU to follow closely the development of trade in the new environment.

This entry was posted on Monday, December 13th, 2004 at 10:58 and is filed under Trade. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.