Trying to Stay Competitive, Cambodia Joins WTO

In a few months, the global textile industry will face a major restructuring. The 1974 Microfiber Agreement will be abolished, and with it, production quotas that have artificially protected manufacturers from competition. For many developing countries whose economies rely almost exclusively on textiles, the pressure will be fierce. In an effort to remain competitive in the soon-to-be reconfigured garment industry, Cambodia will join the World Trade Organization (WTO). Is this too much too soon for the developing Cambodian economy? Will the country be able to compete with the projected Chinese textile boom? Will Cambodia's WTO entry pressure other countries to join, as well? Soon after January 1, 2005, the answers may become clear. – YaleGlobal