InfoAnda - Europe ready to prolong Chinese shoe-trade war: source

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Europe ready to prolong Chinese shoe-trade war: source AFP - Friday, October 9 Send IM Story Print Europe ready to prolong Chinese shoe-trade war: source Slideshow: Full Photo Coverage: Business & Economy BRUSSELS (AFP) - – Penalty taxes on Chinese and Vietnamese shoe imports into Europe should be extended by another 15 months, EU Trade Commissioner Catherine Ashton will urge member states, a source said Thursday. Anti-dumping duties on footwear, essentially fines for exporting goods below production cost, were first applied in October 2006 and have so far cost manufacturers with operations in those countries hundreds of millions of euros. The news came on the day Chinese Vice President Xi Jinping held talks with commission chief Jose Manuel Barroso, at which the issue was to take prominence alongside funding the international effort to combat global warming. EU-China trade has exploded in recent years, making the EU the top destination worldwide for exports of Chinese goods while China is Europe's biggest trade partner after the United States. The EU anti-dumping measures involve import duties of 16.5 percent on Chinese shoes with leather uppers and 10 percent on the same kind of shoes from Vietnam. Other Chinese export sectors, including steel cables, industrial chemicals and metal fasteners, have been similarly targeted. The European Footwear Alliance, which includes global giants Adidas and Timberland among some 2,000 footwear members, says companies have shelled out more than 800 million euros (1.2 billion dollars) in these taxes. "The EFA believes that the only legally justifiable and, indeed, sensible conclusion of the anti-dumping expiry review investigation is the complete termination of these duties," it said in a statement. The measures have been a source of conflict between member states. The main vote faultline has run between Europe's economically liberal north, hostile in principle to anti-dumping measures, and the more protectionist south, sympathetic to the views of EU producers. Brussels decided a year ago to maintain the anti-dumping measures on Chinese shoes to give it time to re-evaluate the market situation. Since the duties were imposed, the Chinese and Vietnamese share of the leather-soled shoe market has remained stable at around 30 percent, with European shoemakers holding between 40 and 45 percent. Recommend Send IM Story Print Related Articles Judge reconsiders bail for NY man accused of fraud AP - Friday, October 9 Bankruptcy judge approves Sun-Times sale AP - 2 hours 47 minutes ago FACTBOX-Five risks to watch in Turkey Reuters - Friday, October 9 European shares close higher; miners lead Reuters - Friday, October 9 Chrysler dealers undergo customer service training AP - Friday, October 9 News Search Top Stories Chinese fossil find gives clue to ear's evolution ECB anchors interest rate at record low of 1.0% Breakthrough hope for breast cancer treatment Bank of England keeps interest rate at 0.5% US Solar Decathlon seeks best sun-powered homes More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Tiny moon feeds largest ring around Saturn Aer Lingus to slash hundreds of jobs, cut pay Tiny device could speed breast cancer detection: study Europe hits hole on rough road to economic recovery Gold price hits record high on report to ditch dollar More Most Viewed » Oldest hominid skeleton sheds light on human origins More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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