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 | Thursday, April 27, 2000, updated at 16:12(GMT+8) | ||||||||||||
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Sino-US Joint Commission on Commerce and Trade IssuedChinese Minister of Foreign Trade and Economic Cooperation Shi Guangsheng and visiting US Commerce Secretary William M. Daley issued a joint statement on April 7 in the wake of the conclusion of the 13th Session of the China-US Joint Commission on Commerce and Trade.The full text of the joint statement reads as follows: At the conclusion of the 13th Session of the China-U.S. Joint Commission on Commerce and Trade, His Excellency Mr. Shi Guangsheng, Minister of Foreign Trade and Economic Cooperation of the People's Republic of China, and His Excellency Mr. William M. Daley, Secretary of Commerce of the United States of America, affirmed the following: The bilateral agreement reached between China and the United States on November 15, 1999, regarding China's accession to the World Trade Organization (WTO) is in the interests of both countries and will pave the way for China's early accession to the WTO, which will contribute to a stable and mutually beneficial relationship between China and the United States. China stressed the critical importance of unconditional permanent Normal Trade Relations (PNTR) in light of the China-U.S. bilateral agreement on China's accession to the WTO, which is the basis for the implementation of the bilateral agreement. The United States stressed its commitment to work with the U.S. Congress to obtain legal authority to grant PNTR. The Chinese Government underscored its intention to implement its WTO obligations earnestly after its accession to the WTO and stressed its commitment to develop a legal regime and administrative procedures that are in conformity with WTO requirements. Both sides believe that China's accession to the WTO will contribute not only to their own trade and economic development but also to the development of the world trading system. Considering the requirements of China's accession to the WTO and the need for closer cooperation in this regard, China and the United States agreed to establish a cooperative program involving technical assistance and a comparative law dialogue. The United States agreed to provide technical assistance, including WTO- related materials, training programs, and exchanges of government and private legal experts on the operation of the WTO. The comparative law dialogue would include an exchange of ideas concerning commercial laws and regulations in both countries and compliance with WTO obligations, including requirements related to transparency, due process, and judicial review. This dialogue would be conducted on an equal and mutually beneficial basis and would promote bilateral trade and investment. The two sides noted that China's accession to the WTO would provide significant economic advantages to China and the United States and open new opportunities for Chinese and U.S. enterprises and workers. The United States recognized the many market-based reforms, including legal reforms, that China has already undertaken. These reforms and the market opening steps to be taken by China will create significant export opportunities for American businesses, farmers, and workers.
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