EU business agency satisfied with China's WTO implementation

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Last updated at: (Beijing Time) Thursday, December 11, 2003

EU business agency satisfied with China's WTO implementation

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As China marks the second anniversary of its accession to the World Trade Organization (WTO) on Thursday, the European Union Chamber of Commerce in China said in a news release that the country has done a lot in fulfilling its WTO commitments.

"Since its accession, China has implemented many of the prescribed changes as detailed in the Protocol on Accession, particularly in the area of tariff reductions and opening of the market. Some of these even came ahead of time," the news release said.

Executive General Manager of the Chamber Ian Kay said: "Overall, the Chamber is satisfied with China's progress in implementing its WTO commitments."

The EU Chamber of Commerce, a key monitor of WTO implementation in China, said that this year, China's gradual readiness to consult before implementing new regulations is another step forward in the opening up process and is especially welcomed.

The Chamber's 20 Working Groups, the core of the organization, have an optimistic outlook on China and the implementation of its WTO commitments, the document said.

In the broader sense, increased investment flowing into China demonstrates that business is still confident about the future prospects of China's markets, the Chamber added.

In the first six months, EU direct investment to China grew by 80 percent and China sees the EU as set to become one of China's biggest trading partners in the future.

The business agency said that many challenges were still to be faced in such a diversified economy, such as decreasing administrative procedures, improving implementation of laws and regulations and enhancing protection on intellectual property rights.

"China has delivered legislation in line with the expectations and this is most visible on tariffs. Duties are being reduced in line with commitments, much legislation has been brought into line and investment flow into China remains high," the EU trade branch said.

"Overall, the Chamber remains positive," it said.

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