WTO Entry to Create Greater Room for Foreign Businesses: Minister

WTO Entry to Create Greater Room for Foreign Businesses: Minister

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China's imminent accession to the World Trade Organization (WTO) will lead to further opening of its domestic market that will create still greater room of development for foreign businesses in China, Minister of Foreign Trade and Economic Cooperation Shi Guangsheng said in Shanghai Friday during his meeting with Frederick Smith, chairman of FedEx Corporation, and Gerald Levin, CEO of AOL Time Warner, who are here attending this year's Asia-Pacific Economic Cooperation (APEC) CEO Summit.

He stressed that, after its entry into WTO, China will abide by provisions of the WTO and the commitments it has made in bilateral agreements.

In this process, any constructive suggestions from enterprises will be welcome, he said, adding that such suggestions will be considered and improvement made in earnest.

The minister said a sound Sino-U.S. relationship is not only vital for the peace and development of the two countries and the world, but also for enterprises of both countries, as they are important trade and investment partners.

Shi expressed the hope that U.S. businesses will continue to play a constructive role in the development of Sino-U.S. economic and trade ties.

Smith and Levin congratulated Shi on China's imminent entry into the WTO after 15 years of negotiations.

They expressed their satisfaction over their cooperation with and business development in China, as well as their confidence in the Chinese market on the basis of the belief that China will become one of the largest economies in the world.

Both pledged to continue contributing to the development of Sino-U.S. relations.