WTO's Mike Moore
calls on Congress to welcome China into world trading order
Budapest,
5 May 2000 - The Director
General of the World Trade Organization, Mike Moore, today called on the United
States Congress to vote for permanent trade relations with China.
He said this would give
American business the benefits of a more open China and better access to an
economy of 1.3 billion consumers.
Mr Moore added: "I
urge Congress to welcome China into the world trading order at a time when it
is showing a genuine commitment to profound economic reform, rather than leaving
it out in the cold, nursing grievances."
Addressing more than 1,000
business leaders from every part of the world at the World Congress of the International
Chamber of Commerce, Mr Moore described China's decision to join the WTO as
momentous.
By opening its markets to
foreign trade and investment, China would become a richer and more open place,
Mr Moore said. Chinese commitment to world trade rules would entrench market-based
reforms and strengthen the rule of law. Giving Beijing a seat at the WTO table
would give the country a stake in defending the world trading system.
"A more open China
is good for the rest of the world too. Business will get better access to an
economy of 1.3 billion consumers that is growing at 8% a year," the WTO
Director General said. "Everyone will benefit from a more stable and peaceful
China."
Mr Moore noted that WTO
member countries would have recourse to the organization's dispute settlement
procedures to make sure that China sticks to its commitments.
However, American business
would only get these benefits if Congress voted for permanent trade relations
with China.
Budapest
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