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Clinton Hails Senate's Passage of China Trade Bill
US President Bill Clinton on Tuesday hailed the Senate passage of a bill on permanent normal trade relations (PNTR) with China, saying the "landmark" trade agreement will strengthen US prosperity and promote economic freedom.
The agreement will also increase "the prospects for openness in China and a more peaceful future for all of us," said Clinton in a statement.
The US Senate overwhelmingly passed the bill by a vote of 83-15 Tuesday afternoon.
"When we open markets abroad to US goods, we open opportunities at home," he said. "This vote will do that."
The PNTR bill will provide a chance for the United States to strengthen its prosperity and security, he added.
Clinton said that with the passage of the bill, China will open its markets to American products, from wheat to cars to consulting services.
China and the United States reached an agreement on China's entry into the World Trade Organization (WTO) last November. The deal requires the United States to give China PNTR status.
Clinton said that when China finishes its negotiations and joins the WTO, US high-tech companies will help speed the information revolution in China.
Clinton also expressed his thanks for the senators and government officials who worked hard "to achieve this important milestone."
Once Clinton signs the legislation into law, the United States will terminate the annual review of China's "most-favored-nation" status and establish normal trade relations with China after it joins the WTO.
The House of Representatives passed the permanent normal trade relations bill last May
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