Commerce minister says US and EU only have themselves to blame
Minister of Commerce Bo Xilai launched a fierce counter-attack against the United States and the European Union yesterday, accusing them of breaching the principles of free trade.
In his first public response to growing textile trade disputes, Mr Bo said: 'It is incomprehensible to see quota restrictions being slapped [on the mainland] just four months after the unification of the global textiles market.
'We all talk about free trade, but one should not apply double standards. When they enjoy definite advantages, they go about advocating free trade, asking people to open their doors.
'But once they feel challenged by developing countries on certain products, they shut their doors immediately. This manner of behaviour is in breach of the principles of free trade.'
Labelling criticism of the mainland as unfair, he told the Fortune Global Forum, which closed in Beijing yesterday, that measures to curb mainland textile exports could cost the country billions of yuan in export revenue and millions of jobs.
Mr Bo estimated that the re-instatement of import quotas on three categories of mainland-manufactured goods - cotton trousers, cotton knit shirts and underwear - announced by Washington on Friday would cost the mainland US$1.263 billion in exports.