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HKGCC Hails WTO Working Party's Approval of China's WTO Entry
Hong Kong General Chamber of Commerce (HKGCC) on Tuesday welcomed the successful conclusion of negotiation on September 17 by the World Trade Organization Party on China's accession to the World Trade Organization (WTO).
The accord, which will bring to an end China's 15-year quest to enter the world trade body, paves way for the text of the agreement to be adopted formally by a majority vote by the 142 member governments of the WTO at its Ministerial Conference to be held in Doha in November.
Commenting on the news, HKGCC chairman Christopher Cheng said, "This multilateral agreement reached between China and other WTO members is of historical significance and can provide a new platform for China to further tap into international markets."
"Not only will China's accession to the world trade body enhance its status in the global economy, but it will also motivate the Chinese government to carry out reforms proactively to increase its administrative efficiency and legal transparency," said Cheng.
Cheng believed news about China's WTO accession would provide a strong impetus to the Hong Kong economy. "We expect that the local economy will benefit by this development, which will also help revitalize our economy for the coming year," he said. China's WTO entry will accelerate China's economic growth and boost Hong Kong's economy, Cheng said. "For the short-term, Hong Kong's role as a middleman between the Chinese mainland and the world will not be undermined, and China's entry will promote Hong Kong's status as an international financial and shipping hub," he said.
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