GENEVA — More global leaders are raising their voices in concern over the effects of the coming end of the quotas system on the world economy.
Next year, the nations of the World Trade Organization will drop the quotas on textiles and apparel that have regulated that trade for more than three decades. A handful of nations, particularly China and India, are expected to see their sectors grow significantly at that time.
“Just the sheer scale of China’s capacity, and investment in China, has taken so much of the investment of the developing world and that’s having a result within Asia, as well as job losses,” said Mary Robinson, the honorary president of the advocacy group Oxfam International and former U.N. commissioner of human rights. “That is an issue that has to be addressed.”
“There needs to be a human rights analysis of the work of the WTO, of the trade barriers, and there needs to be more mobilization of opinion-formers who need to acknowledge that economic globalization benefits the strong and only helps those who are in a position to work in that context,” she recently told reporters here.
Meanwhile, B.K. Zutshi, who was India’s ambassador to WTO predecessor the General Agreement on Tariffs and Trade at the time the end of quotas was voted on, said he feared the U.S. and EU might seek to extend the quota system informally.
He said he feared they “may resort to other means to contain and to restrict full and free access in textiles and clothing in their markets by use of other initiatives.”
The U.S. has already moved to impose temporary safeguard quotas on certain Chinese apparel and textile exports, while the EU textile organization Euratex has asked the European Commission to consider imposing across-the-board limits on China.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
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@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)