STATEMENT BY THE BUSINESS COALITION
FOR U.S.-CHINA TRADE REGARDING U.S.-CHINA WTO
AGREEMENT
The Business Coalition welcomes today's
historic announcement that the United States and China have reached an
agreement regarding the terms and conditions for China's Membership in the
World Trade Organization (WTO). This agreement opens the door to the world's
largest emerging market.
We look forward to reviewing carefully the
final language and terms of the agreement, and to working with USTR and
Congress to ensure that it is implemented and enforced.
The WTO negotiations offer a unique
win-win opportunity for the United States and China to expand trade, ensure
our common prosperity, and advance the rule of law. Trade is much more than
just the sale of goods and services; it is an exchange of ideas, beliefs, and
values that changes and enriches all who participate.
In two decades, China's historic opening
to foreign trade and investment and to the outside world have lifted the lives
of the Chinese people, and advanced America's economic and security interests.
The stakes are high. Bringing China into
the global trading system will open unprecedented opportunities for workers,
companies, and farmers across America. For China, a WTO agreement will
strengthen the rule of law, expand economic freedom, and accelerate economic
reform to the ultimate benefit of the Chinese people.
Today's breakthrough wraps up protracted
WTO accession negotiations that have been pursued by the United States and
China since 1986. We are grateful to Ambassador Barshefsky and her USTR team
for their steadfast pursuit of this vital agreement and their insistence
throughout on commercial, not political, accession terms.
We urge the WTO Working Party to move
quickly to finish drafting China's schedule and protocol. We look forward to
the day when China assumes the rights and obligations of WTO Membership and
takes its place among the world's leading trading nations.
American business and agriculture pledge
to do all that is necessary to secure bipartisan Congressional support for
Permanent NTR (PNTR). PNTR legislation is necessary to secure the full
benefits of China's WTO commitments for American workers, farmers, and
companies. Otherwise, our competitors will reap the benefits of U.S.
leadership in negotiating a strong WTO agreement, while American goods,
services, and farm products are excluded.
We are committed to working with USTR and
the Congressional leadership to secure bipartisan approval of PNTR legislation
as soon as possible.
The Business Coalition consists of over
1,200 leading American companies, trade associations, and farm organizations
that support the WTO Agreement and PNTR.