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Essay / China's accession to the World Trade Organization
China's accession to the World Trade OrganizationAfter nearly 15 years of negotiations, China successfully entered the World Trade Organization on December 11 2001. Less than three years after its accession, while China's progress has lagged, the country has made very important changes that have contributed to its transition to a market economy and its opening to the multilateral trading system . Following the Uruguay Round of multilateral trade negotiations, the World Trade Organization (WTO) was established. in 1995 to succeed the General Agreement on Tariffs and Trade (GATT). The WTO is an international organization that monitors trade relations between nations in goods, services, intellectual property and investments. The main function of the WTO is to “ensure that trade flows as smoothly, predictably and freely as possible” (“The World Trade Organization”). The WTO contributes to international cooperation by providing countries with a fair forum to resolve disputes on trade issues. Member countries bring their trade disputes to the WTO rather than acting unilaterally. The organization also works to reduce the cost of living and boost economic growth by reducing protectionism and promoting freer trade. Member countries benefit from the security provided by trade rules, but they are required to commit to opening their markets and respecting the commitments they have made. The process of joining the World Trade Organization is very complicated. The candidate country must first describe all the characteristics of its economic and commercial policy. The potential member will then enter into parallel bilateral talks with member countries until the middle of the document......eb. 2002. China and the WTO. November 26, 2004. .“The World Trade Organization…..” April 2003. World Trade Organization. Oct. 7, 2004. Walton, Julie. “WTO: China enters third year. » The China Business Review. September 24, 2004. US-China Business Council. September 30, 2004. “WTO Ministerial Conference approves China's membership. » WTO News: Press Releases 2001. April 2003. World Trade Organization. September 30, 2004. "WTO successfully concludes negotiations on China's entry." WTO News: Press Releases 2001. April 2003. World Trade Organization. September 30 2004.>.