Clinton Administration to Release WTO Agreement with China

The Clinton administration has agreed to release the text of the World Trade Organization (WTO) agreement with China, a move prompted by pressure from Congress. The agreement, signed in November, has been under wraps until now, and its release comes at a critical time as the administration pushes for Congress to grant China permanent normal trade relations. The administration argues that the agreement is a strategic imperative for the United States, as it would subject China to WTO trading rules and support economic openness in the country. However, opponents argue that China does not deserve permanent normal trade relations due to its human rights record and threats to Taiwan.

Key Takeaways:

• The Clinton administration will release the text of the WTO agreement with China, which has been under wraps since its signing in November.
• The agreement has sparked a legislative battle in Congress, with opponents arguing that China does not deserve permanent normal trade relations due to its human rights record and threats to Taiwan.
• The administration argues that the agreement is a strategic imperative for the United States, as it would subject China to WTO trading rules and support economic openness in the country.
• The agreement includes provisions that allow foreign companies to own 49% of Chinese telecommunications companies, with the level rising to 50% after two years.
• China will cut tariffs on cars to 25% by 2006 and raise quotas and lower tariffs on wheat, corn, rice, and cotton products.
• The administration released the text to alleviate concerns that the agreement was not favorable to U.S. interests.
• The release of the text has sparked a new round of debate over the agreement, with some members of Congress and executives with security clearances having viewed the full text.

Statistics:

• 250 pages: The full text of the WTO agreement with China contains detailed legal language on tariffs, quotas, and market access for 5,000 types of goods and services.
• 49%: The level of foreign ownership of Chinese telecommunications companies is set to rise to 49% under the agreement, with the level increasing to 50% after two years.
• 25%: China will cut tariffs on cars to 25% by 2006.
• 5,000: The number of types of goods and services subject to market access and tariffs under the agreement.
• 2006: The target date for China to cut tariffs on cars to 25%.

Sources:

• "Bowing to Pressure from Congress, Clinton to Release WTO Accord" - New York Times, exact date unknown.
• Statement by Commerce Secretary William M. Daley - exact date unknown.
• Statement by China's minister of foreign trade Shi Guangsheng - exact date unknown.