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China's WTO Entry to Help Stabilize World Trading Environment: Asian Ministers
China's accession to the World Trade Organization would help build a much more stable world trading environment, and without China's participation the WTO can't be called an international trading institution, trade ministers of South Korea, Thailand and Japan said Saturday in Chiang Mai.
All the three ministers reiterated their position in supporting China's accession to the WTO at a joint press conference after the second meeting of the ASEAN economic ministers and the ministers of China, Japan and South Korea.
South Korean Trade Minister Han Duck-soo said it was South Korea's consistent position to support China's entry into the WTO.
"The accession would be a very good occasion for China to rationalize its economic system and also to achieve higher growth," he said, adding that China's accession to the WTO would give a much more stable trading environment to the Asian nations as well as to the world.
China's accession to the WTO would create "a more competition-boosting effect" to the region, which would also enhance growth potential of South Korea, he said.
"We are welcoming China's access to the WTO not only in terms of our good-neighborly relationship but also from the perspective of growth and prosperity in this region as well as in the global economy."
However, he admitted after China entered the world trading body, there will be some competition for South Korea in some areas.
Thailand's Deputy Prime Minister and Commerce Minister Supachai Panitchpakdi said since China is one of the world's largest trading countries, the WTO itself could not be called a global trading institution without the participation of China.
All the countries attending this meeting are in favor of having China join the WTO as soon as possible, said Supachai, also director-general in-waiting of the trading body.
Since Thailand has a growing trade relationship with China, China's entry into the WTO would signify the exchange of goods and investment between the two countries, which would be even higher, said Supachai.
"The opening-up of China's agricultural market would be very significant for our farmers," he said.
He also admitted that China's participation in the WTO will make China more competitive in some labor intensive industry and electronic and electrician products.
Japanese International Trade and Industry Minister Takeo Hiranuma reiterated Japan's support for China's WTO accession, saying that China's joining would be good for the early launch of the new round trade negotiation of the WTO.
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