Chinese textile sector, as per media reports, plans to explore more growth opportunities in economies related to the Belt and Road Initiative so as to stay globally competitive.
The focus will also be on helping the apparel manufacturers enhance their innovation skills.
Speaking more on this, Sun Ruizhe, President, China National Textile and Apparel Council, said “The simplification and unification of rules will boost resource flows within the region and cut transaction costs and risks.”
The President also said that signing the Regional Comprehensive Economic Partnership in 2020 will further enrich regional cooperative content in digital economy and intellectual property protection.
Sun believed the same would help pave the way for future cooperation among industries across the mega trade bloc.
It is important to note that China’s garment and textile exports to USA and EU slumped by 4.5 per cent and 5 per cent, respectively, in the first 10 months of 2019.
However, total exports to countries participating in the Belt and Road Initiative rose by 1.3 per cent during the same period.
Sun also added that textile manufacturers in China are now adopting environment-friendly textile materials like biomass fibre and recycled substances to make the production process pollution free, which will yet again help the industry enahnce its product value.