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Margaret B Lowery Macroeconomics IB February 1 2000 AFP January 26 2000 US Commerce Secretary Stresses Urgency of Winning Support for China in World Trade Organization httpwwwUSCommerceSecretarystressesUrgencyofWinningSupportforChinainWTOhtm The World Trade Organization WTO was formed on January 1 1995 as successor to the General Agreement on Tariffs and Trade GATT which had regulated tariffs worldwide since 1947 The WTO regulates tariffs on services intellectual property food and government purchasing The Clinton administration has been working very hard to negotiate a deal with China a nation we have given Most Favored Nation status to to enter into the World Trade Organization After a long negotiation process we have reached a deal with China The conditions of the deal require China to open its markets to a wide range of US products and services and to permit increased investment in China by US firms Of course the agreement has to be passed by Congress which is bound to create a lively debate on the matter US Commerce Secretary William Daley is trying to convince America that this deal with China is critical to their pocketbooks He says If you enjoy this economic success we are participating in this is an important piece of its future I have a hard time seeing how things will change if China is admitted to the WTO We already trade a great deal with China and have given them Most Favored Nation status already I think there are several reasons why we should not let China into the WTO There are several political risks involved with this deal with China Organized labor and environmental groups are using this deal to somehow introduce environmental conditions and labor rights into the WTO rules Although they are in opposition to the deal right now they will construct a bargain in which they will trade their support of Chinese membership for the rules to be added Chinese membership is also a great risk for
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