Business Services Industry
End of Multi-Fiber Agreement Will 'Shock' Global Economy; International Response Needed, Duke Professors Say.
AScribe Business & Economics News Service, December, 2004
Byline: Duke University
DURHAM, N.C., Dec. 7 (AScribe Newswire) -- The end of the Multi-Fiber Agreement (MFA) on Jan. 1 will bring about an abrupt shift in the global economy, which could destabilize some developing countries unless the international community works to mitigate its effects, say two Duke University professors.
The MFA, negotiated through the World Trade Organization (WTO), has placed limits, by country, on exports of textiles for 30 years. In 1995, the WTO began to phase out these quotas under the Agreement on Textiles and Clothing, but left the largest reductions in quotas for 2004, the final year of the phase-out.
Some countries, like China and India, stand to benefit greatly from the end of the MFA quotas on the first day...
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