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 | Friday, April 14, 2000, updated at 08:39(GMT+8) | ||||||||||||
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China to Resume EU Talks, Sees WTO Entry SoonChina announced lately that it will soon resume negotiations with the EU and it expects to join the World Trade Organisation (WTO) soon.The EU is the biggest trade power that has yet to reach an agreement with Beijing on WTO entry following Chinese agreements with the United States, Japan, Canada and other WTO members. The latest round of market-opening talks between China and an EU delegation ended without agreement in late March, denting Beijing's hopes of joining the WTO this year. On Monday, the EU urged China to show flexibility at the talks, which would pave the way for China's entry into the WTO. EU Trade Commissioner Pascal Lamy said he did not know when he would go to China for more talks. The EU says 80 percent of its trade concerns were covered by a US-China agreement reached last November, but wants further concessions on certain tariffs and in sectors such as life insurance and mobile telephones. The details of the negotiations have been kept strictly secret. Any WTO member has the right to have talks with applicant countries to seek market-opening concessions. Shi said China remained committed to removing barriers to trade and investment as part of its bid to join the WTO. "Following China's entry into the WTO, it will abide by the international prevailing rules and fulfil its own commitments and further open up its commercial and services sector," he said. China plans to cut import tariffs on industrial goods to an average 15 percent this year and to 10 percent before 2005. China will also continue to open up to foreign investment in sectors including financial, insurance, telecommunications, energy, transportation, infrastructure and retail, Shi said. "China will actively absorb foreign capital to participate in the restructuring and rebuilding of China's state owned enterprises by various forms," he said. Shi said China was keen to be part of a new round of global trade talks under the WTO and has vowed to help improve relations between members of the organisation. "China will be a responsible and constructive member."
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