Semiconductor Equipment and Materials International Applauds Historic Senate Vote for China Trade
WASHINGTON, Sept. 19 /PRNewswire/ -- Semiconductor Equipment and Materials International (SEMI) applauds today's historic vote in the U.S. Senate in favor of permanent normal trade relations (PNTR) for China, a critical step towards realizing the benefits of China's expected accession into the World Trade Organization (WTO).
``This is truly a historic day for the United States, for China and for global free trade,'' said Stanley Myers, president and CEO of SEMI. ``Today we have taken a giant step forward towards realizing the potential of the China market. We salute Congress for recognizing the importance of opening doors with China and for their courageous votes in favor of PNTR.''
China is one of the fastest growing markets for semiconductor manufacturing equipment and is expected to nearly quadruple by 2003, growing to a $4 billion market. With China's pledge to sign the Information Technology Agreement (ITA), tariffs on semiconductor equipment -- which range as high as 35 percent today -- will drop to zero by 2005, opening the door to even greater market expansion and growth for semiconductor equipment and materials.
Based in San Jose, Calif., SEMI is an international trade association serving more than 2,400 companies participating in the $65 billion semiconductor and flat panel display equipment and materials markets. SEMI maintains offices in Austin, Beijing, Boston, Brussels, Hsinchu, Moscow, Seoul, Singapore, Tokyo and Washington, D.C. For more information, visit SEMI on the Internet at www.semi.org.
SOURCE: Semiconductor Equipment and Materials International |
