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Ironed out EU and China strike textiles deal

The European Union and China have struck a textiles trade deal for when the bloc’s import quotas expire on January 1 in a bid to avoid a repeat of the 2005 “Bra Wars” debacle, reports Reuters. Trade experts from EU countries yesterday backed the plan for a so-called double monitoring system that will keep check for one year on export licences issued in China and import licences issued in the EU, the European Commission said. AP

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