The European Branded Clothing Alliance (EBCA), the American Apparel & Footwear Association (AAFA), and the United States Fashion Industry Association (USFIA) have hailed the commitment by the European Union and the United States to conclude a comprehensive and ambitious Trans-Atlantic Trade and Investment Partnership (TTIP).
In a statement, AAFA said, “The TTIP has the potential not only to support substantial economic growth and job creation on both sides of the Atlantic, but also to make valuable contributions to global rule making, thus tackling regulatory barriers that limit free trade and EU and US market access globally.”
The trade body added, “The textile and clothing industry depends on access to markets and suppliers worldwide. Our global value chain and the high trade-intensity of branded clothing products make the industry especially vulnerable to trade barriers.
“Tariffs and other types of trade barriers imposed at each border add to the cost of the final product and may affect the organisation of the global value chain. A recent study of the US apparel industry showed that 70 per cent of the retail value of US apparel imports is created in the United States.
“A similar study commissioned by EBCA showed that 50 to 80 percent of the value of European apparel and footwear imports is created in Europe. EU and U.S. apparel, textile, and footwear manufacturers rely on global value chains for their success, as they import critical inputs or see their products incorporated into future imports.
“We would thus recommend that the EU and US negotiators pursue and deliver on an ambitious free trade agreement,” it signed off by saying.
