For Immediate Release
Office of the Press Secretary
November 11, 2001
President Welcomes China, Taiwan into WTO
Statement by the President: Ministerial Decision to Admit the People's Republic of China and Taiwan Into the World Trade Organization
Ministerial Decision to Admit the People's Republic of China and
Taiwan into the World Trade Organization
I welcome the unanimous decisions made this week by trade ministers
meeting in Doha, Qatar to admit the People's Republic of China and
Taiwan into the World Trade Organization (WTO). I believe
that the entry of China and Taiwan into the WTO will strengthen the
global trading system and expand world economic growth.
China, with more than 1.2 billion people and a one trillion dollar
annual gross domestic product, is one of the fastest growing economies
in the world. Taiwan is the world's 16th largest
economy. The decision in Doha -- reached following many
years of negotiations -- marks a formal agreement by the 142 members of
the WTO on the steps that China and Taiwan must take to open their
markets as WTO members. Taking these steps will introduce
greater competition into both economies and mean that both follow the
same trade rules as the United States and other trading
partners. This, in turn, will generate greater trade and
investment that will bring benefits to businesses, consumers, and
workers in all of our economies.
I am confident that China's entry into the WTO will bring other
benefits to China beyond the expected economic benefits. WTO
membership, for example, will require China to strengthen the rule of
law and introduce certain civil reforms, such as the publication of
rules. In the long run, an open, rules-based Chinese economy
will be an important underpinning for Chinese democratic reforms.
China and Taiwan now face the challenge of implementing their WTO
commitments. The United States stands ready to work
constructively with both economies to assist them in meeting the
challenges of implementation. We also look forward to the great
benefits we know that greater trade will bring to all our peoples.
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