[1] Doing so was one of the key commitments undertaken at the WTO Uruguay Round in 1994 to retire the Multi Fibre Arrangement.
[2] The agreement established a ten-year period which would eliminate the use of quotas in all textile and clothing trade between WTO nations.
Although the quotas have been eliminated, the regulation also sets up a statistical monitoring system for the imports of textiles and clothing into the EU.
This system is to provide information regarding the chance of market disruptions and will allow for the governing body to closely follow the trade in this new environment.
Benefits of the abolition of quotas are also expected to textile companies in India and Pakistan.