China, EU Sign Bilateral Agreement on China's WTO Entry

China, EU Sign Bilateral Agreement on China's WTO Entry

China and European Union signed the bilateral agreement on China's accession into the World Trade Organization (WTO) in Beijing on May 19 afternoon.

Chinese Minister of Foreign Trade and Economic Cooperation Shi Guangsheng and Trade Commissioner of European Commission Pascal Lamy signed the agreement on behalf of the respective sides.

During the signing ceremony, Lamy said the signing of the bilateral agreement is good for both sides. It is good for China, for European companies, and for bilateral relations, he said.

Lamy also believed that the agreement will provide impetus to the reforms in China, and in this sense the agreement will be of special significance.

China, EU Sign Bilateral Agreement on China's WTO Entry

Lamy noted that the signing of the agreement coincides with the 25th anniversary of the establishment of diplomatic ties between China and EU.

Lamy arrived here Monday morning at the invitation of Shi for the fourth round of China-EU talks on China's WTO entry.

So far, China has completed talks on its WTO entry with more than 30 members of the global trade organs.

EU was China's third largest trading partner last year. Two-way trade volume hit 55.7 billion U.S. dollars in 1999, up 14 percent from a year ago. China was the fourth largest trading partner of EU.