Completing a 15-year quest, China secured an agreement yesterday on the terms of its membership in the WTO, setting the stage for the world's most populous nation to become a full member early next year.
China's entry into the rules-making body for world trade will have far-reaching implications for everyone from Chinese auto workers to American farmers. It will open its state-dominated economy to imports, but will also lead to an upsurge in Chinese exports.
Yesterday's deal came after a compromise was reached over the remaining obstacle -- a dispute with the US and the EU over insurance companies. Despite the late hour, 1am in Geneva, champagne corks popped at the WTO's lakeside headquarters.
The agreement will be formalized by negotiators tomorrow, with final approval coming in November at a meeting of WTO trade ministers in Qatar.
Negotiators had hoped to reach agreement earlier in the week but suspended negotiations for two days in the aftermath of the US terrorist attacks.
Allowing for China's legislature to ratify the accord, the nation of 1.2 billion people would become a full WTO member during the first months of next year.
Pushing China's state-dominated economy toward a freer market will be a huge challenge for China's communist leaders.
China applied to join the WTO's predecessor, GATT, 15 years ago. But the process was complicated by its crackdown on democracy activists.
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