Accession to the World Trade Organization will be good not just for China but also the European Union (EU) and the WTO as an institution, a leading EU official said yesterday.
EU trade commissioner Pascal Lamy told a European Chamber of Commerce luncheon in Hong Kong that China's acceptance is almost a fait accompli and the last few hurdles may be cleared at a March meeting of the EU in Geneva.
"This is the EU's objective and we will continue to work hard on it," he said. "It would mean China's entry by the summer."
Lamy, the EU trade commissioner since September 1999, is on a working visit to Hong Kong this week. He is expected to meet Tung Chee-hwa, chief executive of the Hong Kong Special Administrative Region (SAR), as well as other senior officials and some prominent business leaders.
Lamy said China will benefit because the liberalization process will have a tremendous impact on its economic development.
"China's accession is good for the EU because we have secured a high standard of commitments by China to open its economy to foreign imports, investors and businesses," he said.
The tariff average will be low, quotas will be phased out quickly, service providers from virtually all sectors will have better market access and protection for intellectual property rights will be guaranteed in law, he explained.
He noted that the companies present in Hong Kong will be the ones best placed to reap the benefits of China's accession because of their unique understanding of the Chinese market and their already-close ties with the Chinese mainland business community.
The WTO itself would benefit, too, because it would take a huge step towards becoming truly global and fulfilling its original vocation, he said.
Increased trade has been a major contributor to the country's phenomenal growth rates since the opening-up policies were launched in the late 1970s, said Lamy.
"Existing WTO members should be positive," he said. "They should welcome China into the organization and encourage her to participate in future multilateral work."
(Xinhua News Agency February 20, 2001)
