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Barshefsky, US Business Groups Hail Senate Passage of China's PNTR
US Trade Representative Charlene Barshefsky on Tuesday hailed the Senate approval of permanent normal trade relations (PNTR) with China.
"Today's vote will stand as a historic landmark in US-China relations and marks the most significant step forward since the opening of China in 1972," Barshefsky said after the US Senate passed the trade bill by a vote of 83-15 Tuesday afternoon.
"Granting PNTR for China not only provides tremendous economic opportunities for US workers, farmers and businesses, it is also the best way to promote reform in China and stability in the region," she added.
Meanwhile, she described the agreement reached last November between the two countries on China's accession to the World Trade Organization (WTO) as "the capstone" of the nearly 300 trade deals negotiated by the Clinton Administration.
Republican Senator William Roth, chairman of the Senate Finance Committee, called the Tuesday vote "a defining moment" in the history of both the Senate and the United States.
Not only will it open new business opportunities, he said, it will also help "in meeting what is likely to be our single greatest foreign policy challenge in the coming decades, managing our relations with a rising China."
The US Chamber of Commerce, the US High Tech Industry Coalition on China, the National Association of Manufacturers (NAM) and other business groups issued statements respectively on Tuesday to commend the event.
US Chamber of Commerce President Thomas Donohue called Tuesday's Senate vote "a huge victory for free trade and open markets."
"This is truly a landmark achievement," said Jim Whittaker, Chairman of the US High Tech Industry Coalition on China. "By opening, once and for all, the vast Chinese market, this legislation will also open broad new doorways of opportunity to our industry for exports and investments."
NAM's statement said passage of China's PNTR status is "a prerequisite for American businesses and their workers to enjoy the benefits of China's pending membership in the WTO, along with international competitors."
Once the legislation is signed into law by President Bill Clinton, 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.
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