China, WTO Reaches Final Accord, US Welcomes

China, WTO Reaches Final Accord

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The accord on China's entry into the World Trade Organization (WTO) was approved by the formal meeting of the 18th WTO Working Party on China's accession Monday in Geneva, clearing the way for Beijing to join the world trading body within months.

"International economic cooperation has brought about this defining moment in the history of the multilateral trading system, " said Mike Moore, WTO Director-General, at the conclusion of the meeting of the Working Party on China's Accession which was delayed to Monday because of the terrorist attack against the U.S. last Tuesday.

"With China's membership, the WTO will take a major step towards becoming a truly world organization. The near-universal acceptance of its rules-based system will serve a pivotal role in underpinning global economic cooperation," he added.

WTO spokesman Keith Rockwell said to reporters: "It is a historic day in the young life of WTO."

All the delegates expressed their congratulation to Long Yongtu, China's chief negotiator, on the adoption of all the documents on China's entry into WTO.

The breakthrough in China's 15-year membership negotiations came late Friday night, after the formal session of 18th WTO Working Party on China's Accession which had been postponed because of the air attacks in the U.S.

After the entry package was signed on Monday, the working party on China's accession which was established on March 1987 will fulfil its mission.

It will then go to the meeting of trade ministers from all WTO member countries which is scheduled for Qatar in November.

US Welcomes Deal on China's Accession to WTO

The United States Monday welcomed a deal signed in Geneva on China's entry into the World Trade Organisation (WTO) after 15 years of negotiations.

US Trade Representative Robert Zoellick said the deal would "strengthen the global economy and the international rule of law for trade."

"China has made a firm commitment to the rest of the world to open its markets and adhere to international, market-based rules, which will help American workers, consumers, farmers and exporters," he said.

The accord on China's entry into WTO was approved by the formal meeting of the 18th WTO Working Party on China's accession in Geneva on Monday, clearing the way for Beijing to join the world trading body within months.

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