| Sunday, November 11, 2001, updated at 09:46(GMT+8) |
WTO Approves China's Membership |
 The World Trade Organization (WTO) finally opened its door on Saturday to accept China, the world's most populous -- and currently most robust -- economy, sending a positive signal to the world economy loitering on the brink of a full-blown recession.
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The World Trade Organization (WTO) finally opened its door on Saturday to accept China, the world's most populous -- and currently most robust -- economy, sending a positive signal to the world economy loitering on the brink of a full-blown recession.
It took only minutes for WTO trade ministers to symbolically deliberate and then, on a basis of consensus, adopt a report of the China Working Party with a rising applause.
Chairman of the ongoing WTO conference Youssef Hussain Kamal of Qatar banged the gavel after the resounding long-time applause. All ministers cracked broad smiles in a rare light moment during the ongoing tense talks on free trade.
The overall formality is only a twinkling of eye in the 15-year-long arduous negotiations between China and its trading partners leading up to the historic moment.Widespread and Far-reaching Impact on China and World Economy: Shi The Chinese delegation led by Minister of Foreign Trade and Economic Cooperation Shi Guangsheng became a darling of media cameramen. All the participants gave Shi a standing ovation before he took the floor.
In his speech (Full Text), Shi said that the WTO accession and its full participation in the multilateral trading system are "strategic decisions made by the Chinese leaders under accelerated economic globalization."
"The WTO accession is not only in the interests of China, but also in the interests of all WTO Members and conducive to the development of the multilateral trading system," he said. "It will inevitably exert widespread and far-reaching impact on China's economy and on the world economy in the new century."
Shi also promised that China will, on the basis of the balance between rights and obligations, abide by the WTO rules and honor its commitment while enjoying its right. Trade Negotiators Extend Warm Greetings Nearly 20 top trade negotiators then took the floor to extend a chorus of warm greetings to the new member of the WTO community.
Pakistani Minister of Commerce, Industry and Production Abdul Razak Dawood said all were "overjoyed that the long saga of China's accession to the WTO reached its final destination."
He also commended flexibility demonstrated by China during the negotiation process, adding that China's accession will have significant implications on the WTO and the multilateral trading system.
By admitting China with a quarter of the world's population the WTO will become a truly universal organization "with much credibility," he said. "We are confident that China's participation in the WTO will help strengthen the ongoing endeavor of developing countries to secure a better reflection of their economic priorities and trade interests."
China and the WTO will sign a membership protocol Sunday, which needs to be ratified by the former's legislature. Under WTO rules, China will become a full member 30 days after it notifies the global trade body of the legislature's approval of the document.
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