STOP NATO: ¡NO PASARAN! - HTTP://WWW.STOPNATO.ORG.UK --------------------------- ListBot Sponsor -------------------------- Get a low APR NextCard Visa in 30 seconds! 1. Fill in the brief application 2. Receive approval decision within 30 seconds 3. Get rates as low as 2.99% Intro or 9.99% Ongoing APR and no annual fee! Apply NOW! http://www.bcentral.com/listbot/NextCard ---------------------------------------------------------------------- Washington, Beijing Reach Consensus on WTO by Brian Rhoads Saturday, June 09, 2001 9:02 a.m. EDT http://news.lycos.com/news/story.asp?section=Politics&storyId=182393 E-mail or Print this story - - - - - SHANGHAI (Reuters) - The United States and China on Saturday said they had reached consensus on issues holding up Beijing's entry to the World Trade Organization and would work toward bringing China into the global trade body by year-end. The announcement followed talks between China's Foreign Trade Minister Shi Guangsheng and U.S. trade representative Cooperation (APEC) trade ministers meeting in Shanghai this week. "We are pleased to report that the U.S. and China have reached consensus on major issues that we discussed," the U.S. embassy in Beijing said in a statement. "China and the U.S. agree that we should now work together in Geneva to complete China's WTO accession," it said. The statement did not detail the issues discussed, but talks on China's entry have stalled over the amount of subsidies Beijing can pay its farmers. The two countries also discussed trading rights, distribution and insurance market access during bilateral talks Tuesday, Zoellick told a news conference earlier this week. U.S. officials said earlier that the talks with China were positive, but neither side had indicated any consensus had been reached until Saturday. The United States had wanted China to pay farm subsidies of just five percent as a developed country. China had insisted it could pay subsidies of 10 percent as a developing country. The WTO has already announced its members and China will hold high-level talks in Geneva from June 28 to July 4. The last round of multilateral talks was held in January. "This understanding is a win-win result for China and the U.S.," Zoellick said in the statement. "It should help us and the other nations of the WTO to try to complete China's accession this year." THE RACE IS ON In a similarly worded statement released through the official Xinhua news agency, China's trade minister Shi said the two sides had reached "full consensus" on remaining issues concerning its entry. "This has served to create important conditions for the 16th session of the China working group of the WTO to be held in Geneva at the end of this month, and for ending the substantive talks for China's accession to the WTO at an early date," Shi said. APEC trade ministers closed a two-day meeting in Shanghai Thursday with an urgent call for completion of negotiations to get China into the WTO this year. But analysts warn it will still be a race for China to enter the WTO before the end of the year. Even though China and the United States appear to have worked out their differences, the WTO must draft a complicated accession protocol that could take three to six months -- leaving a narrow window of opportunity for entry this year. Analysts say China could shelve sweeping economic reforms linked to WTO pledges if it does not enter the trade body soon. Zoellick said in the statement that progress on China's entry would also add momentum to the launch of a new global trade round, which could take place at a WTO meeting in Qatar in November. China wants to act as a bridge between developing and developed countries for the next trade round. Trade officials say China -- now only an observer -- would need to be a member of the WTO to participate fully in the new trade round. (With additional reporting by Bill Savadove) Copyright © 2001 Reuters Limited. Get your personalized news here. ______________________________________________________________________ To unsubscribe, write to [EMAIL PROTECTED]
