Long-Term Arrangement Regarding International Trade in Cotton Textiles
Long-Term Arrangement Regarding International Trade in Cotton Textiles: LTA. An arrangement in the GATT for managed trade in cotton textiles and clothing which entered into force in 1962 for five years as the successor the Short-Term Arrangement Regarding International Trade in Textiles. It was extended for another three years as part of the Kennedy Round outcome. After a further extension in 1970, the arrangement was replaced in 1973 by the Multi-Fibre Arrangement. The membership of the LTA comprised the more important importers and exporters of textiles and clothing. It allowed importing members to ask exporting members to restrict their trade. Importing members could also impose quantitative restrictions irrespective of the general elimination of such restrictions required by Article XI of the GATT. See also Agreement on Textiles and Clothing which will bring trade in textiles and clothing again under the normal multilateral trade rules.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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