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China's Entry to WTO "Positive" to Asian Economy: Thai Official
China's entry into the World Trade Organization will only have "positive" impact on Asian economy, Thai Deputy Prime Minister Supachai Panitchpakdi said in an interview in Bangkok Tuesday.
"Although we will have to count on Chinese products being more competitive in the world market, but I think the trade regime of China will also become more open to all of us," said Supachai, also Thai commerce minister and designated WTO director-general.
Noting that China is one of the largest economies in the world, Supachai said "if China's economy becomes more prosperous, it will become also a prosperous market for us with a more open trade system."
However, he said he is not afraid that Chinese economy will be too big and too competitive for the region because "China will be competitive for certain products while we will be competitive for other products".
"This is what world trade is about," Supachai said.
Supachai also pointed out that China needs to go through a lot of adjustments after entering the world trade body, particularly in the area of legal framework which is concerned with trade laws.
"That will be to the benefit of China to have transparency, the trade laws, application of those trade-related laws," he said, adding that these adjustment will facilitate the international trade of China and help cut cost for Chinese consumer.
The incumbent director-general of the WTO is New Zealander Mike Moor and Supachai will take over in September 2002.
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