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World business leader hails impending Chinese admission to the WTO
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| Something to celebrate - China's entry to the WTO |
Paris, 9 November 2001 - The President of the International Chamber of Commerce, American businessman Richard D. McCormick, today hailed the impending decision by the World Trade Organization to admit China as "an historic event of enormous positive implications for the rest of the world."
Mr McCormick, speaking after a meeting in Paris of the ICC World Council, said: "This is the culmination of 15 years of often difficult negotiation. The decision is all the more welcome because of it is good news for world business at a time of economic gloom."
"With China, the world's most populous country, as a member of the WTO, the organization becomes truly global and that will surely increase the WTO's authority in managing the rules-based multilateral trading system."
The ICC President, who serves on the board of several major US companies, added: "China's economic growth rate of around 7% stands out as other countries face falling growth. Huge new markets are opening up and we can expect increased flows of foreign direct investment into China.
"This will all benefit the global economy, although the positive effects may be medium-term rather than immediate."
The President of ICC, the world business organization, said: "ICC is proud to have played a pioneer role in helping to bring China into the world business community with the establishment of our Chinese national committee in 1994. Furthermore, ICC China introduced ICC rules on the conduct of trade to the wider Chinese business community.
Our national committee in Beijing quickly became a dynamic contributor to ICC's work, able to take on the considerable responsibility of hosting our world congress in Shanghai in 1997 - one of the most successful we have ever held."
ICC is the world's leading business organization. It has thousands of member companies and associations in more than 140 countries.
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