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China's WTO Entry Beneficial to Global Trading System: ASEAN
China's accession into the World Trade Organization (WTO) should be beneficial to the global trading system, economic ministers of the Association of Southeast Asian Nations (ASEAN) said Thursday in Chiang Mai.
ASEAN has always been strongly supportive to China's accession into the WTO, and welcomes China's expected joining of the world trade body, said Supachai Panitchpakdi, chairman of the 32nd ASEAN Economic Ministers Meeting, which opens here Thursday.
The ASEAN countries realize that after joining the WTO China will be very competitive in some labor-intensive industries, such as electronics and electrical industries, said Supachai, also Thai deputy prime minister and commerce minister.
The ASEAN secretariat has been tasked to study the likely consequences of China's entry into the WTO and adjustments and preparations member countries will have to make, said Supachai.
ASEAN economic ministers will discuss the gains and losses their countries will face after China's WTO entry in their next meeting before the ASEAN summit meeting in Singapore in November.
The current meeting was preceded by a Preparatory ASEAN Senior Economic Officials Meeting, the Third ASEAN Investment Area Council Meeting and the 14th ASEAN Free Trade Area Council Meeting.
The ministers will hold consultations with ministers from the Closer Economic Relations trade bloc composed of Australia and New Zealand, the European trade commissioner, economic ministers of China, Japan and South Korea.
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