China Secures WTO Accession
Following trade ministers’ approval of China’s accession to the WTO at the Fourth WTO Ministerial Conference (9-13 November), China on 10 November handed in its ‘instruments of ratification’ after 15 years of negotiations, thereby paving the way for full membership by 11 December 2001. Delegates in a packed hall at the Ministerial Conference greeted the decision with a standing ovation. "After fifteen years of difficult negotiations we finally came to this historic moment," said Chinese Trade Minister Shi Guangsheng said. He stressed China’s commitment to a new round of trade talks and the importance of better agreements for developing countries. Beijing has already agreed to eliminate all agriculture export subsidies and cut domestic agriculture support to 8.5 percent, well below the developing countries ceiling of 10 percent (see BRIDGES Weekly, 18 September 2001). Analysts have warned that the lower trade barriers could have unwanted social consequences, such as displacing upwards of 20 million Chinese workers. The WTO has also approved Taiwan’s membership on 11 November. "China Secures Entry to WTO, Backs Developing Nations," AFP, 10 November 2001.