EC, third-world talks fail to shore up textile trade
Brussels — The European Community failed to reach agreement with its major third world clothing suppliers on new textile accords at the end of a crucial round of talks , diplomats said.
The failure may result in the EC's withdrawal from the international Multifiber Arrangement, a move diplomats said could wreck the world textile-trading system. Officials said no agreement had been reached with the major suppliers, including Hong Kong, South Korea, and Macao, which provide the bulk of third world imports to the EC's 10 member states. The Community's executive commission must now draw up a report for members, to be discussed by ministers next month.