Tribune News Services
BEIJING, CHINA -- Any denial of permanent low-tariff trading rights by the U.S. Congress wouldn't deter China's resolve to join the World Trade Organization but could cause the United States to gamble away business opportunities for a generation, China's foreign trade minister said Monday.
If Congress rejects normal trade relations, Beijing could invoke a WTO rule allowing it to deny U.S. businesses access to the Chinese market, causing the U.S. "regret for 20 years, for a generation," said Shi Guangsheng.
Shi's comments are the clearest indication so far that China intends to seek entry into WTO regardless of what the U.S. Congress does.
Beijing can gain membership after it has reached accords with all 135 member countries and after two-thirds of WTO members approve. Agreements with just 10 countries still need to be reached, and in most cases all that is required is the signing, Shi said.
The other countries that have not signed WTO deals with China are Malaysia, Kyrgyzstan, Poland, Latvia, Switzerland, Mexico, Costa Rica, Guatemala and Ecuador.:
