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US businessmen in Hong Kong optimistic of China's WTO entry 

REUTERS  
Hong Kong, Nov 10: The US business community in Hong Kong expressed optimism on Wednesday that China would enter the World Trade Organisation (WTO) before a ministerial meeting in Seattle later this month.

"The positive moves made by President Clinton in recent weeks have rekindled our optimism for a WTO deal in time for the WTO's Seattle ministerial meeting," Jason Felton, chairman of the American Chamber of Commerce in Hong Kong, said in a statement.

US Trade Representative Charlene Barshefsky and White House adviser Gene Sperling are in Beijing for talks on China's entry into the WTO.

The talks could determine whether China joins the WTO before ministers of the body's 134 members meet in Seattle in November 30 to launch a new global trade round.

Both sides started by making upbeat statements. Sperling said US President Bill Clinton had dispatched him to Beijing "to make clear his belief that we have a historical opportunity".

"The latest dispatch (of US officials) is the strongest indication yet of the President's commitment to conclude a deal and his intent to work with Congress to pass legislation granting Permanent Normal Trade Relations (NTR) status for China upon reaching a commercially viable agreement," Felton said.Passage of the permanent NTR is an essential part of any WTO accession agreement. It would guarantee Chinese goods the same low tariff access to US markets as nearly every other nation.

Felton said the American business communities in the United States and Asia were poised to rally the support of Congress and American workers should a last-minute deal be struck in Beijing.

The chamber said China's WTO entry would enhance the economic interests of the United States and China, and bring enormous benefits to Hong Kong."Given that over 62 percent of exports handled by Hong Kong are produced in the (Chinese) mainland, the WTO's ability to open Chinese market and lift barriers to its exports could only bring enormous business growth for Hong Kong," Felton said.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

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