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US Moving to Restrict Imports of Korean Textiles

Posted August. 01, 2001 09:47,   


It seems that U.S. will reinforce the restriction of foreign imports, especially Asian Textiles import succeeding that of steel import. And if U.S takes the restriction into an action, it will be a serious blow to Korea in the long run.

According to the Association of Korean Textiles, four governors of Georgia, Alabama, South and North Carolina where the major U.S Textile companies flock, plead with the Bush administration to restrict the import of Asian Textiles. They said, `` U.S textile industry is now facing a larger crisis than steel industry due to the U.S economic slow down and the increasing import of Asian textiles; therefore, legal restrictions and regulations are urgently needed to save the U.S textile industry.``

Especially, they asked the Bush administration to consider ``the Bud`` in operation which regulates the profits from the costumes from half dumping decision and from the commerce world into the U.S domestic industry. They also insisted that the restriction and banning of the imports from Asia based on the unfair trading and labor conditions should be carried into effect. According to the governors, `` there was a large scale of lay off last year -56,000 people (10 percent of U.S textile industry workers) who lost their jobs-. And 9000 people have been laid-off and 200 factories have been closed in this May.

An officer of the Association of Korean Textiles said that `nowadays, U.S` move to protect its domestic industry is very conspicuous; therefore, even if the regulations and restrictions are not in effect right now, it seems that the U.S will reinforce the import restriction on textiles. Pakistan and Bangladeshi will get the first serious blow on their Textile industry; however, Korea will not be an exception in the long run.``

Last year, the total amount of the textile export to U.S was 360 million dollars (19.5 percent of the total amount of the textile export) and the amount of the textile export of the first half of the year was 150 million dollars (18.9 percent of the total).