Taiwanese textile enterprises are being urged to establish a strategic alliance to cash in on the growing market expected after the global lifting of textile import quota restrictions from Jan. 1 next year.
Officials of the China Textile Institute (CTI, 紡拓會) said on Saturday that the removal of global textile quotas are expected to bring additional textile trade worth US$120 billion to US$324 billion a year.
Starting from next year, member of the WTO will have easier access to markets in the EU, US and Canada.
The CTI officials predicted considerable growth after the quota lifting for Taiwan's textile products in the US, the nation's major textile market.
The officials also predicted the industry will benefit significantly in China, as Taiwan-made polyester is quite competitive both in price and quality compared to that produced in China.
Although Chinese companies are working to improve their technology, the quality of some specific items still lags behind international levels, they added.
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