Taiwan next for WTO entry

By staff and wire reports

GENEVA, Switzerland -- Taiwan is expected to be given the chance to join the World Trade Organization late Tuesday, one day after WTO endorsed China's entry to the global trade body.

U.S. Trade Representative Robert Zoellick said Monday the review of Taiwan's WTO-entry documents should be very smooth, according to Taiwan's Central News Agency.

If the WTO approves Taiwan's documents, WTO will formally approve China and Taiwan's entry at its ministers' meeting held in Doha, capital of Qatar, from November 9 to 13.

After the approval, China and Taiwan will have 30 days to pass appropriate legislation -- such as tariff reductions -- after which they will be admitted as the WTO's 143rd and 144th members.

WTO negotiators formally agreed the terms for Chinese membership on Monday, saying the announcement would send a much-needed signal of confidence and stability to a commercial system battered by terrorism and fears of recession.

Ending 15 years of often acrimonious talks, Chinese negotiator Long Yongtu said Chinese accession to the powerful trade club would be an "all-win situation" unleashing the huge purchasing power of 1.2 billion Chinese and leading to a vast open market, the Associated Press reports.

"Today's decision ... will strengthen the global economy," Zoellick said in a statement issued in Washington.

"China has made a firm commitment to the rest of the world to open its markets and adhere to international, market-based rules, which will help American workers, consumers, farmers and exporters," he said.

Once a full member, China will have to abide by international trade rules. Analysts say this will create a more stable economic climate.

It will have to open previously protected sectors such as agriculture to outside competition and cut through its bewildering web of bureaucratic regulation. In return, it will win more chances than ever before to capture foreign markets.

Rare opportunities, challenges

Under a political formula, the deal on China cleared the way for Taiwan's application to be approved also, although China insists on being admitted first.

A top Chinese leader on Monday promised "rare opportunities" from the WTO membership but also warned of "severe challenges" amid a global economic slowdown.

"The world economy is in the doldrums, so are the economies in many countries and regions," Li Ruihuan told a convention of domestic and overseas Chinese entrepreneurs.

"As a result, it is hard to prevent China's economy from being affected," he said.

"All in all, we are faced with not only rare opportunities, but also severe challenges."