President of the Brazilian Toy Industry Association Synesio Batista da Costa on Friday welcomed the market access agreement signed by Brazilian and Chinese toy manufacturers earlier in Beijing.

Under the agreement, China agrees to keep its toy imports to Brazil below 40 percent of the Brazilian market share, the same as in 2005.

The accord will be valid till 2010.

Da Costa said the agreement prevents the escalation of a long trade dispute between the two countries, which could end up in the World Trade Organization.

Source: Xinhua