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To: Evan who wrote (6917)10/27/2000 5:24:33 PM
From: jmhollen  Read Replies (1) of 7209
 
EU announces breakthrough in Chinese WTO talks

ASSOCIATED PRESS

BRUSSELS, Belgium, Oct. 27 — The European Union said Friday it had overcome the last hurdles to an agreement with Beijing on terms for China's entry into the World Trade Organization.

''We are happy to announce that the remaining obstacles to formal, final conclusion to the bilateral deal between the EU and China on its accession to the WTO have now been resolved,'' said Anthony Gooch, EU trade spokesman.

The agreement came after talks in the Chinese capital between the EU trade commissioner Pascal Lamy and Chinese trade minister Shi Guangsheng.

The 15 nations of the EU are the most significant WTO members that have yet to sign off on China's bid to join the Geneva-based organization that regulates global commerce.

Any of the WTO's 138 members can block another country from joining the group, which operates by consensus. The U.S. Congress granted China permanent normal trade status with the United States last month, clearing a major obstacle to China's WTO entry.

China is hoping to secure WTO membership by the end of the year. Chinese leaders hope foreign competition will force inefficient state industries to change and will ensure markets for Chinese exports.

China and the EU had already made a wide-ranging trade deal in May to clear European concerns about China's entry into the WTO. But snags then emerged, notably over access to Chinese markets for European insurance companies and retailers.

''We have an agreement on both outstanding issues,'' Gooch said at EU headquarters.

Gooch said China has agreed to grant licenses to seven European insurance companies in early November in addition to those already given to ING of the Netherlands and Italy's Generali.

Beijing also agreed on conditions for European supermarkets, department stores, car dealers and warehouses to operate in China, Gooch said.

With two-way questions between the EU and China resolved, talks will switch to the organization's headquarters in Geneva to wrap up remaining multilateral issues.

(Copyright 2000 by The Associated Press. All Rights Reserved.)
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