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U.S. Federal Ministers Again Call For Granting PNTR Status to China
U.S. Agriculture Secretary Dan Glickman and Treasury Secretary Lawlence Summers have again called on Congress to grant permanent normal trade relations (PNTR) status to China.
Glickman, in a speech to farmers in Minnesota Friday, said the relationship with China and granting PNTR with China is "one of the most pressing issues" facing the United States.
He said China, with 1.3 billion people in the middle of extraordinary change, represents an extraordinary opportunity for America's farmers and ranchers.
He pointed out that the trade agreement between the U.S. and China reached last year will make it much easier for U.S. products to get into the Chinese market.
The minister estimated that by the year 2005, China's accession to the WTO and the U.S. PNTR with China will add an additional 2 billion dollars in total American farm exports each year. "We don't want to let that opportunity go by," he said. Summers, testifying at a hearing of the House Banking and Finance Services Committee Thursday, said the American economy will get great commercial benefits from the PNTR case. "By failing to pass PNTR, we would sacrifice enormous commercial advantages," he said.
Summers noted that even if the U.S. denies PNTR with China, the country will still be able to join the WTO.
Granting PNTR status to China will also promote reforms in China, he added.
The treasury secretary said that PNTR with China will enhance the U.S. national security interests in the Pacific region.
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