Subject: USTR Press Release on China WTO
From: [email-masked]
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Date: Mon, 15 Nov 1999 03:00:00 -0800 (PST)

Finally - We have a China WTO agreement.  Congress must now vote on permanent 
Normal Trade Relations (NTR) with China. We will follow closely and report.

            OFFICE OF THE UNITED  STATES TRADE  REPRESENTATIVE
                     Executive Office of the President
                          Washington, D.C.  20508

 USTR Press Releases are available on the USTR home page at www.ustr.gov.
     They are also available through the USTR Fax Retrieval System at
                               202-395-4809.

For Immediate Release                               Contact:Thomas Tripp
November 15, 1999                             Helaine Klasky
                                         Amy Stilwell
                                          (202) 395-3230

                 U.S., CHINA SIGN HISTORIC TRADE AGREEMENT

BEIJING, November 15, 1999    U.S. Trade Representative Charlene Barshefsky
and National Economic Council Director Gene Sperling today announced the
successful completion of bilateral talks on China?s accession to the World
Trade Organization.

Ambassador Barshefsky and Mr. Sperling issued a joint statement that said,
AWe are glad that after thirteen years of negotiation, China and the United
States have agreed upon a strong, commercially viable WTO agreement for
China.  This historic agreement is a win for American export-related jobs,
for Chinese economic reform, for our global trading system and for the
long-term U.S. - China relationship.

Outline of the Agreement

This agreement provides significant access for U.S. agriculture, industrial
products and services.  China will reduce both tariff and non-tariff
barriers to industrial goods and farm products.  The agreement contains
strong provisions to address import surges and unfair trade practices.
China has agreed to take specific actions to ensure fair treatment for
businesses operating in China.  These include limits on technology transfer
requirements, offsets and export performance requirements.

Some specific examples from the agreement include:

China will cut duties from an overall average of 22.1% to 17%.
China will make even greater reductions on agricultural items of particular
     interest to the United States.
China will establish large and increasing tariff-rate quotas for wheat,
     corn, rice and cotton with a substantial share reserved for private
     trade.
State trading for soy oil will be phased out.
China will eliminate export subsidies.
American companies can provide auto financing.
New access for U.S. companies, including banks, insurance companies and
     telecommunications businesses.
Distribution rights for U.S. exporters.
Improved access for computer services, business consulting, accounting,
     advertising,  and financial information services.
Increased imports of foreign films, on a revenue-sharing basis, to at least
     twenty films per year.

In textiles, the U.S. and China agreed on appropriate measures to avoid
     market disruptions during and after the phase out of current quotas.

Next Steps

This agreement represents a crucial step in China?s WTO accession process.
Several important steps remain ahead.  First China must conclude bilateral
negotiations with a number of other WTO members, including the European
Union.  Multilateral negotiations on China?s accession protocol must also
be finished.  China must then complete its own domestic procedures for
accession.

In response to the commitments contained in the agreement signed today,
President Clinton will work with other WTO member countries to gain China?s
entry as soon as possible and will seek from Congress the approval of
permanent Normal Trade Relations (NTR).