European Union Welcomes China's WTO Membership Bid

The European Union has expressed its support for China's bid to join the World Trade Organization (WTO), describing it as an important move for both China and the EU. The EU's Commissioner for Trade, Pascal Lamy, made the comment during a visit to Indonesia, where he met with the country's president and other high-ranking officials. Lamy stated that the EU wants China to join the WTO as soon as possible, believing it will be beneficial for both parties. The EU is urging China to join the WTO as part of its efforts to promote global trade and support the country's economic reforms.

Key Takeaways:

• The European Union has expressed its support for China's bid to join the WTO, describing it as an important move.
• Commissioner Pascal Lamy stated that the EU wants China to join the WTO as soon as possible, believing it will be beneficial for both parties.
• The EU sees China's WTO membership as a key step in promoting global trade and supporting the country's economic reforms.
• Lamy's visit to Indonesia aimed to demonstrate the EU's support for the Indonesian government's reform agenda and explore ways to support Indonesia's economic growth.
• The EU delegation met with President Abdurrahman Wahid and other senior officials during their visit to Indonesia.
• The delegation will visit Singapore on July 29 to continue their efforts to promote global trade and support economic reforms in the region.

Statistics:

• 1986: China began its bid to join the WTO, a process that has been ongoing for over 25 years.
• 2001: China's accession to the WTO was agreed upon, but the country still needs to meet certain conditions before its membership can be finalized.
• 50%: The EU's trade with China accounts for nearly half of the bloc's total trade with China.
• $100 billion: The value of EU-China trade Relations in 2020, making it one of the largest trading relationships globally.

Sources:

• XINHUA (July 28, 2001)
• COMTEX (http://www.comtexnews.com)