China's Neighbours Clap Hands with Glee at US VoteChina's Asian neighbours on Thursday welcomed the US House of Representatives vote approving normal trade relations with Beijing and clapped their hands with glee at the prospect of China joining the WTO.Some economists said the sweetened Sino-US relationship could mean stiffer competition, especially for low-tech Asian exports to the United States, but that was their only reservation. The House of Representatives voted on Wednesday to give China permanent normal trade relations, ending the annual ritual of reviewing China's trade status. The legislation now moves to the Senate where passage is virtually assured. China welcomed the vote which paves the way for entry to the World Trade Organisation, but it lashed out at provisions on human rights monitoring as meddling in its internal affairs. Business leaders in Hong Kong said the territory was well placed to cash in on China's WTO entry but would have to sharpen its competitive skills. Eden Woon, director of the Hong Kong General Chamber of Commerce, said Hong Kong-based companies could carve an even more prominent middleman role. "This will increase chances of cooperation between Hong Kong and foreign companies, or joint ventures between Hong Kong and mainland Chinese companies," Woon said. Japanese Minister of International Trade and Industry Takashi Fukaya said the House vote was "a big step forward" in negotiations on WTO entry. "Japan has consistently supported China's early accession to the WTO by such means as reaching a bilateral market-access accord with China before the United States and the European Union did." Australian Trade Minister Mark Vaile said the U.S. decision would be a huge boost for Australia. "There are still a number of important issues to be sorted out in multilateral negotiations in Geneva, and Australia will now be working to have these resolved quickly so China can join the WTO at the earliest opportunity," Vaile said in a statement. "The global momentum that has built up in support of China's accession should now be focused on launching a new WTO round of trade negotiations as soon as possible." The U.S. trade bill would permanently guarantee Chinese goods the same low-tariff access to U.S. markets as products from nearly every other nation. China would, in turn, open a wide range of markets, from agriculture to telecommunications, to U.S. businesses under the terms of a landmark trade agreement signed in November, 1999 ushering Beijing into the WTO. New Zealand said the door was now open for a revival of free trade talks that stalled last year in Seattle. "New Zealand wants to see China in the WTO and this is a further step towards that end," Trade Minister Jim Sutton said in a statement. Economists in Singapore said China's new trade relations with the United States would not divert business from Singapore. "I see this as a win-win situation, not just for China and the United States, but for the rest of Asia as well," said J.M. Sassoon chief economist Liew Yin Sze. "For Singapore,it will be more competitive in China but the overall growth from the heightened U.S. participation should support Singapore's participation and its hopes of becoming a regional commercial centre," said MMS/Standard & Poor's economist Dave Cohen. Economists in Seoul welcomed the news for South Korea's high-tech exporters, but said the new Sino-US trade relationship could hurt exporters of low-tech items such as textiles. "Competitive telecom firms are seen benefiting most from China opening its markets," said Yoo Jin-suk, a senior economist at Samsung Research. "But clothing and textile exporters will likely face even more fierce competition in the US market." |
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