Monday, November 10, 2008

China Officially Joins WTO

China Officially Joins WTONovember 10, 2001, Trade ministers from across the world have officially approved China's entry into the World Trade Organization (WTO) after 15 years of negotiations.

The move was approved unanimously at the WTO's ministerial meeting in the Gulf state of Qatar on Saturday and brings a market of 1.3 billion people into the global trading system.

China's entry was expected to boost economic reforms started in the world's most populous nation more than 20 years ago and open the huge market to the rest of the world.

To applause, trade ministers from almost all the WTO's 142 members unanimously voted in favour of China's application.

After its entry into the WTO China would, as promised, open step by step the fields of finance, insurance, telecom, foreign trade, business, transportation, architecture, tourism and intermediary service, allowing foreign investors to set up joint ventures or solely-funded enterprises in these fields according to Chinese law, and the opening scope would be expanded.

Originally Posted: China Business Daily
Author: Angulo Fu