China's long awaited accession to the World Trade Organization is likely to go ahead this summer, European Union trade commissioner Pascal Lamy said Monday, February 19. Lamy told a European Chamber of Commerce luncheon here that the WTO working party dealing with China's accession should be able to reach agreement soon on remaining obstacles, mainly relating to agriculture and services.
"With some goodwill from all sides, I do think we will be able to take the last few hurdles and reach the finish line at the next session in Geneva, possibly in March," Lamy said. "This is the EU's objective—and we will continue to work hard on it. It would mean China's entry by the summer."
China's accession to the WTO had been expected late last year or early in 2001 after it struck deals with key trading partners the United States and the EU on liberalization of Chinese markets. However, Washington wants further assurances from Beijing that it would scale down government support for agriculture, while the EU wants to ensure liberalisation of access for services, such as telecommunications, banking and insurance.
"We should by no means underestimate the challenges linked to this accession but this accession will be good for China, good for the European Union and good for the WTO as an institution itself," Lamy said. He added it would up to other WTO members to help China achieve the massive task of implementing its WTO obligations. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
