| Free Trade Agreement Hurts Lesotho - Malie | |
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Lesotho expects to loose more than M9 million in revenue every month as a
result of the worldwide free trade agreement, according to the Minister of
Industry, Trade and Marketing Mr. Mpho Malie. Briefing the media about latest developments in the country's textile and clothing industry, the Minister said Lesotho faces stiff competition since the opening up of American markets to the world's largest textile and clothing industries in China, Pakistan, India. This has lead to over 12,000 textile and clothing factory workers, from more than 25 local textile and clothing factories, loosing their jobs since June last year. Some of the factories gave their workers terminal benefits while others just disappeared, Mr. Malie said. Lesotho has set up a task force of trade and marketing experts, including seven cabinet ministers, to visit the United States (US) next month (February) to negotiate continued purchase of Lesotho's textile and clothing exports by the US. The US opened up its markets to worldwide free trade from January 01, this year. 14 January 2005 |
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| source: LENA |