On May 19, the European Union and China announced that they had reached a compromise on the terms of a trade agreement that would lead to China’s entry into the World Trade Organization (WTO). At issue was EU demands for a lowering of agricultural tariff barriers, and the right to acquire majority interests in telecommunications, automobile and insurance ventures with China. According to a BBC report, the EU agreed to drop its demands concerning telecommunications in exchange for a more rapid opening of Chinese markets. China has campaigned for 14 years to join the WTO.
Was this article valuable?
Here are more articles you may enjoy.