"The China WTO agreement is good for the United States, it's good for China, it's good for the world economy." - Bill Clinton (US, China reach , 2.).
China has negotiated membership into the World Trade Organization and its predecessor since 1986. It is the largest trading nation still outside the system, with trade last year worth more than 300 billion dollars and until it joins the World Trade Organization is not worthy of its name (China and the , 2.) .
By looking at the history and the functions of the WTO, one can see that if China is accepted they would be bound by international rules and would be forced to open their markets. This is ideally to the benefit of the entire international community. .
The World Trade Organization came into being in 1995. The multilateral trading system is one of youngest international organizations and is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War (WTO in brief, 1.) GATT and the WTO have helped to create a strong and prosperous trading system contributing to unprecedented growth in the world's economy. The WTO's system was developed through a series of trade negotiations, or rounds, held under GATT. The primary rounds dealt mainly with tariff reductions and anti dumping measures (1.) The Uruguay round (1986-94) led to the creation of the World Trade Organization. Since 1994, further agreements have been made in the telecommunications and financial services, information technology production, and on global electronic commerce issues. In less than a week, a new round of talks will start on agriculture, services, and a range of other issues. This rapidly approaching meeting is why it is imperative that China is accepted into the WTO. .
The World Trade Organization's Secretariat is located in Geneva, Switzerland. Its staff is over 500 and is currently led by Mike Moore, the Director-General.
