3,000 firms win bid for textile exports to EU
By Yan Yang (China Daily)
Updated: 2005-10-01 06:08

More than 3,000 textile companies have been selected to share in 18 per cent of China's textile export quotas to the European Union next year, according to the Ministry of Commerce.

It is the result of the first online bidding for next year's quotas set by the European Union, which started on Tuesday and finished on Friday.

Of the total of 5,284 companies that bid, 3,385 won contracts.

The bidding move was made upon the request of many textile manufacturers in China for a more transparent and fairer process. It will also help better manage exporters' performance.

Another 12 per cent of the total quotas will go through the bidding process next time.

A special committee under the ministry has been set up to take charge of bid invitations.

The majority of the export quotas, 70 per cent, are allocated based on textile dealers' shipments from the previous year.

The partial bid process is aimed at preventing a repeat of last month's stockpile fiasco.

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