Sino-Indian WTO agreement today

Sino-Indian WTO agreement today
PRESS TRUST OF INDIA

BEIJING, FEBRUARY 21: A Sino-Indian agreement on China's accession to the World Trade Organisation (WTO) and providing a political push to bilateral trade ties will be signed here on Tuesday, even as Beijing intensified efforts to clinch deals with European Union (EU) members to join the multilateral body on Monday.

Commerce and Industries Minister Murasoli Maran told PTI that India is ready to sign the agreement with China on Tuesday with both sides concluding negotiations on major issues.

"Our negotiations with China were devoid of any bickering," Maran said, referring to long-drawn-out negotiations between China, the United States and the EU.

Official sources here said Beijing on Tuesday resumed negotiations with the EU with hopes to conclude separate deals with its members this week.China must reach agreements with all WTO members before it can join the organisation that sets rules for global trade.

The Sino-Indian agreement marks a significant event in relations betwen the two countries at thestart of the new millennium, Maran said after a meeting with Chinese Foreign Trade and Economic Cooperation Minister Shi Guangsheng here.

"I consider this as a great leap forward in India-China relations with regard to trade and economic cooperation," Maran, who co-chaired the sixth session of the India-China Joint Economic Group meeting, said. Asked whether China has given concessions to India, Maran said both sides were satisfied with the agreement to be inked on Tuesday.

Meanwhile, Chinese and EU negotiators opened a new round of market-opening negotiations here on Monday to try and hammer out a deal that would remove the biggest remaining block to China's membership to the WTO.

The EU is the most important WTO member yet to conclude a trade agreement with China.

EU negotiators, led by European Commission trade official, Hans-Friedrich Beseler, arrived at the Foreign Trade Ministry shortly after the Indian delegation arrived to start the new round of negotiations.

Sources said if there wasprogress in Sino-EU talks, EU trade commissioner Pascal Lamy would come to Beijing.

The United States, Japan, Australia and Canada reached separate WTO agreements with China last year. Other WTO members who are yet to sign agreements with China include Argentina, Thailand, Mexico, and Malaysia.WTO director general Mike Moore, who visited China last week, said he was extremely hopeful that China, one of the world's leading foreign trading nations, would become a full-fledged member of the WTO this year.