BEIJING — China and the United States today signed a four-year agreement that limits to 3% the annual growth rate for China's textile exports to the United States.
The accord was signed in the Great Hall of the People by U.S. Trade Representative Clayton K. Yeutter and Zheng Tuobin, China's minister of foreign economic relations and trade.
China, a relative newcomer to the textile export industry, has become America's largest supplier of textiles and apparel in terms of volume. Shipments in major import categories--such as cotton, silk and ramie--have been growing at an annual rate of 19%, far outdistancing growth by more established suppliers such as South Korea and Hong Kong.
Chinese exports to the United States are estimated to be worth at least $2 billion annually.