Prominent Hong Kong and U.S. Trade Organizations Sign Agreement
HONG KONG — May 19, 2014 — The Hong Kong General Chamber of Textiles Ltd. (HKGCOT) and the American Apparel & Footwear Association (AAFA) today signed a Memorandum of Understanding (MOU) to facilitate cooperation between the two organizations.
"Given AAFA’s global footprint, and the central role that Hong Kong and China play for our industry as both a sourcing platform and a market, this alliance will help expand AAFA’s international reach to better serve its members," said AAFA Chairman Rick Helfenbein, President of TellaS, Ltd., Luen Thai USA. "The HKGCOT is well situated to give AAFA, and its membership, an expanded presence in Asia."
“The United States is a key trading partner for many of our members,” said HKGCOT Chairman Gordon Yen, Chairman of Pure System Ltd.. “Having a partner, like AAFA, who can translate U.S. trade policy developments, is vital to our member companies’ competitiveness.”
The MOU articulates a number of areas of cooperation, including strengthening communications, exchanging information on trade and sourcing, sharing best practices, and promoting textile and apparel trade. The two organizations are now working to identify specific projects, events, and areas of information exchange.
According to the U.S. Commerce Department, China and Hong Kong together account for about 42 percent of U.S. annual apparel imports. China and Hong Kong are also the destination of about $1.8 billion in U.S. textile and apparel exports. China is now the second largest destination of U.S. yarn and the third largest destination of U.S. fabric.
Posted May 27, 2014