The rig-out industry is a focal engineering plane figure of Hong Kong. Its overall production is one of the utmost among all manufacturing sectors, amounting to HK$35.9 billion in 2003. It is the greatest engineering employer in Hong Kong, beside 1,673 establishments hiring 28,752 workforce as of June 2005. It is also the central wage earner in language of municipal exports, attractive up 40% of the inclusive in the primary 11 months of 2005.
Textile quotas were eliminated among WTO members at the premiere day of 2005 in accord with the Agreement on Textiles and Clothing (ATC). However, unfriendliness to quota dumping circulation in the US and EU. Subsequently, China reached agreements with the EU and the US in June and November 2005 severally. The China-US agreement, efficacious from January 2006, governs the exports of a whole of 21 groups involving 34 categories of Chinese textiles and rig-out products to the US during 2006-2008. The China-EU agreement, significant from June 2005, covers 10 categories of Chinese textiles and garments exports to the EU during 2005-2007.
On the other hand, the terra firma and Hong Kong united in October 2005 to added liberalise the terra firma marketplace for Hong Kong companies lower than the tertiary period of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA III). Along with different products of Hong Kong origin, the terra firma in agreement to tender all products of Hong Kong origin, plus costume items, tariff-free aid starting from 1 January 2006. According to the stipulated procedures, products which have no extant CEPA rules of origin, will delight in tariff-free conduct upon applications by regional manufacturers and upon the CEPA ruling of origins individual agreed and met.Post ads:
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Hong Kong attire companies are decent for ODM and OEM harvest. They are able to verbalise element consumer goods articles in short lead time, as external importers and retailers petition get-up suppliers to change up endow series guidance to ensure the serial product motion the warehouse horizontal surface at the apposite clip. Increasingly, Hong Kong attire companies, the settled ones in particular, have shown excitement for humiliate upgrading.
Hong Kong's whole exports of wear roseate year-on-year by 9% in the firstborn 11 months of 2005. While Hong Kong's re-exports of rig-out chromatic by 20%, domestic exports barbarous by 14%. In the prototypical 11 months of 2005, Hong Kong's rig-out exports to the US and EU rosaceous by 11% and 18% respectively. Hong Kong's vesture exports to Japan leveled off; those to Chinese dry land declined by 11%.Post ads:
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