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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Rolla Coasta who wrote (9926)	7/12/2001 10:39:36 PM
From: Rolla Coasta	Read Replies (1) \| Respond to of 9980

Double wool deal woos Australian WTO vote china.scmp.com ASSOCIATED PRESS in Canberra -------------------------------------------------------------------------------- China has doubled its quota of Australian wool imports in return for Canberra's support of its bid to enter the World Trade Organisation. Australian Trade Minister Mark Vaile said China, the world's biggest buyer of Australian wool, would buy 160,000 tonnes in the second half of 2001. The mainland has already bought 160,000 tonnes of wool this year. "The timely release of wool quota and the increasing size of the quota quantities reflect the considerable efforts that the government has put into the bilateral WTO accession negotiations with China over the last few years," Mr Vaile said. China is expected to get approval to join the 141-nation trade body in November but a formal admission is believed will happen early next year. "Improved access for wool into China has been an essential element of these negotiations and the results are paying good dividends to the Australian wool industry," he said. Australian wool exports to China hit a record A$1.1 billion (HK$4.38 billion) last year. More than one-third of Australian wool exports were shipped to China.