With the signing of the Trans Pacific Partnership trade agreement between 12 Pacific Rim countries which China is not a part, the textile industry of China is undergoing palpable change as many countries apart of the agreement threat a power shift in the worldâ€™s textile industry.
The Woolmark Company key account manager for Hong Kong, Daniel Chan said that despite the slowdown in Trans-Pacific Partnership by the United States presidential and congressional elections, the impact has already been felt by China as companies are trying to move out of China.
With the elimination of tariffs set to promote the competitiveness of textile industry, Mr Chan said that the reaction had been immediate, bringing trade momentum from China to Vietnam.
The profit margin is low now so manufacturers are trying to save money so when they talk about setting up factories in South East Asia, most were from China or Hong Kong and they have migrated production there.
The Woolmark Company Hong Kong country manager Alex Lai, said that the manufacturing and processing of fibres is undergoing a revolution in Asia. Manufacturing is moving from China to South East Asia into Bangladesh, Vietnam, Cambodia, Burma and Indonesia because of labour costs and in the future the TPP tax benefits to export to Europe and US will be attractive.
Big businesses in the supply chain are already building their businesses in TPP partner countries.
The TPP is anticipated to set widespread new rules for trade, investment, intellectual property, labour, data storage, state-owned enterprises and the environment across 40 percent of the world's economy: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US and Vietnam.
According to the World Trade Organisation, the 12 TPP partners altogether imported $65 billion worth of textiles and $154 billion worth of apparel in 2013, which accounted for a world import share of 20 percent and 32 percent, respectively.
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