India, U.S. in Textile Pact: India will...

India, U.S. in Textile Pact: India will open its markets to U.S. textiles and clothing under a new agreement. “This is a landmark agreement,” said U.S. Trade Representative Mickey Kantor. The pact comes as many U.S. textile and clothing manufacturers are shifting production to Asia, closing U.S. factories. India has curbed imports of U.S. textiles and clothing in two ways, through high tariffs or by banning them altogether. The agreement provides that Indian markets will phase in imports of U.S. textiles and clothing, reaching a fully open state in three to seven years, depending on the product.