Business community in the United States hailed on November 15 the signing of an agreement on China's entry into the World Trade Organization (WTO) between Washington and Beijing, and vowed to continue efforts to lobby the Congress into granting China permanent Normal Trade Relations.

The United States Chamber of Commerce President and CEO Thomas J. Donohue, in a news release received here just several hours after China and the United States signed the long-awaited WTO agreement, described the event as "a landmark opportunity to open up China's vast market to American companies of all sizes."

The US Chamber, the world's largest business federation representing more than three million businesses and organizations of every size, sector and region, will launch a major lobbying campaign in support of China's entry into the WTO and permanent Normal Trade Relations for China if the agreement can be supported by American business and if China reaches agreement with other WTO members, the news release said.

"American business will explain to Congress the tremendous benefits that China's entry into the WTO would mean for this country in terms of future economic growth and job creation," Donohue was quoted as saying.

Meanwhile, the National Association of Manufacturers (NAM), America's largest and oldest multitrade association representing 14,000 members and 350 member associations in all industrial sectors, "strongly praised" the accomplishment of bilateral talks between the US and China regarding China's accession to the WTO.

"This is a major breakthrough for American companies and their workers, offering hundreds of millions of potential new customers," said NAM President Jerry Jasinowski.

Jasinowski said that the Chinese people will benefit economically, socially and politically.

"WTO membership will also help China's fledging business community successfully assimilate itself into the rules-based commercial system that covers the majority of the world's companies," he added.

United Technology Corporation (UTC), a 25.7-billion-dollar Fortune 50 company that provides a broad range of high technology products and support services to the building systems and aerospace industries, applauded the WTO deal as "an important breakthrough in the US-China relationship that signals China's intention to become a full partner in the global trading system."

"It is now essential that Congress grant permanent NTR to China for the US to take full advantage of the agreement," said Ruth R. Harkin, senior vice president for international affairs and government relations of UTC and chair of United Technologies international.

Harkin pledged in a news release that UTC will work hard "to educate Members on the substantial economic benefits this agreement offers, including lower tariff rates and the removal of non-tariff barriers to trade."

Standard & Poor's, in a news release on Monday, said that the expected entry of China into WTO will "fortify its standing by firmly anchoring its policy of trade liberalization within a framework of international laws."

"The immediate impact on China's trade balance is expected to be mild, but the long-term impact should be deeper," said David Beers, managing director of Standard & Poor's sovereign ratings group.

"The WTO agreement should bolster export prospects, even as it places more competitive pressures on domestic producers," said Joydeep Mukherji, associate director in Standard & Poor's sovereign ratings group.

Standard & Poor's said that China has adhereed to its reform policies successfully throughout the Asian crisis and is likely to persevere with more restructuring in the coming years.

The US Alliance for Trade Expansion (USTrade), which represents more than 150 million consumers, farmers, and workers who conduct over two trillion dollars in annual trade, applauded the WTO agreement as "the capstone of 13 years of hard work toward rules-based market opening."

USTrade Chairman Scott Miller said "the more trade barriers fall, the more new customers there are for American products and services, which makes a better life for workers and families here and abroad."

He also noted in a news release that expanded trade will help raise standards of living in China.

"China's opening to the world has already lifted hundreds of millions of people out of poverty. By taking the important steps toward multilateral, rules-based trade, China's people can look forward to better lives," he said. (Xinhua)