United States businesses have expressed their hope that China becomes a World Trade Organization (WTO) member before it hosts the Asia Pacific Economic Co-operation (APEC) summit in October.
"Otherwise, the APEC summit would appear a very hollow business and economic meeting," Richard Holwill, co-chair of the US Chamber of Commerce's Asia Task Force, told China Daily.
China has completed bilateral negotiations with all WTO members, except Mexico, and is continuing multilateral negotiations. Although a final deal has not yet been reached, Mexico has clearly stated its support for China's entry into the WTO.
Agricultural subsidies, insurance and trading rights are among the major sticking points at the multilateral negotiations.
"We truly hope that this is all resolved by October, when China is to host the APEC summit," Holwill said.
He led a delegation of 10 companies on a visit to China on February 19-21 and met with officials from the Ministry of Foreign Trade and Economic Co-operation, the China Council for the Promotion of International Trade, the Ministry of Information Industries, the Information Office of the State Council and the National People's Congress.
He said his impression is that China, the Working Party of the WTO and WTO members will soon reach a deal on China's WTO accession.
Holwill said the APEC summit will be "ideal for China to enter on the world stage as a major leader in trade and economics."
But if China is not a member of the WTO "great questions will be raised on a number of issues. WTO membership will give APEC massive credibility," he said.
APEC aims to facilitate business in the region, while the WTO underpins all business and trade in the world, Holwill explained.
Liang Yanfen, an expert with the Chinese Academy of International Trade and Economic Co-operation, disagreed with him.
"APEC is an independent organization -- it has roles of its own and should not be overshadowed by the WTO," she said.
But she also admits that China's WTO membership will help with APEC's support of a new round of WTO talks in November.
(China Daily 02/23/2001)
