Third Global Textile Economic Forum began on Monday morning in Beijing under the theme of Cooperation, Development and Fair Trade that attracted hundreds of participants including Chinese government officials, industry insiders, and foreign exporters.

One of the important aims of the forum was to review the progress of last year’s textile industry as Agreement on Textiles and Clothing culminated in January 2005.

According to the experts, low costs, efficiency and higher investment are the main reasons of China’s success.

Chinese market has been shrinking throughout 2005 as only 5 percent growth has been noticed in trade values compare to 12 percent in 2004.

Commerce Minister Bo Xilai said developing Chinese textile industry is beneficial to the international consumers as well as competitors.

The Minister has also enlisted some shortfalls like value-added products, insufficient R&D investment, and very few self-owned brands where they are lagging behind other competitors.

With the end of global textile quotas China became the global focus and it opened the doors of development for world textile industry.