Globalization which is defined as the eradication of national boundaries in the world marketplace is changing the nature of businesses. In 2005, globalization altered the landscape of the textile industry in three ways. First, the global push by developing countries to end the textile quotas came into fruition. Second, the same global forces that pushed for the end of the Multifiber Agreement (MFA) also gave rise to new trade agreements including the Dominican Republic Central American Free Trade Agreement (DR-CAFTA) and the US-Colombia Free Trade Agreement (FTA). Finally, the barriers to enter marketplaces have flattened, awareness of the scarcity of global resources such as petroleum heightened. As a result of these developments, specialty textile end-product manufacturing experienced year-on-year gains, and ended 2005 with nearly six consecutive months of increased growth.
|Original language||English (US)|
|Specialist publication||Industrial Fabric Products Review|
|State||Published - May 1 2006|