Focus: China's WTO Anniversary
A Message from the US Secretary of Commerce
Carlos M. Gutierrez
Congratulations to the US-China Business Council (USCBC) for publishing this special issue of the China Business Review, focusing on the fifth anniversary of China's World Trade Organization (WTO) accession. The nature of US-China trade and commercial relations has been transformed dramatically in these five years. Likewise, through WTO accession, China has begun a process of "remaking" its economy, and in doing so has become an increasingly important partner in the world economy.
American exports to China have more than doubled since China joined the WTO in 2001. China is the fastest-growing major market in the world. It is now the third-largest trading nation, America's third-largest trade partner, and is poised to become our third-largest export market. Total bilateral trade between China and the United States in 2005 was $243 billion. US exports to China increased 21 percent in 2005, and China provides excellent opportunities for American exporters in a number of sectors. As evidence of this, through May 2006, US exports grew an additional 37 percent over the same period last year.
Of course, changes of this magnitude do not occur without challenges and growing pains. The underlying changes in US-China trade and economic relations brought on by growth and opportunities, while strengthening our bilateral partnership, have led to concerns over many issues. These include market access, transparency, and weak intellectual property rights protection and enforcement. A major focal point for both the US government and businesses is assessing how satisfactorily China is meeting its WTO commitments, as agreed to in its 2001 accession agreement.
I steadfastly believe that we are steering the right course by engaging China through consultations and negotiations to continue to move progressively in liberalizing its trade and economic policies. Thus, we must not succumb to protectionist pressures. We must continue to affirm our commitment to free and fair trade. China, for its part, must embrace its new role as a leading international trade partner by practicing trade and economic policies that promote the core principles of free and fair trade. Although serious obstacles remain, I am optimistic that we will continue to build upon past progress. I look for further advancement on issues through the Joint Commission on Commerce and Trade (JCCT). The JCCT provides a constructive bilateral forum for building strong trade ties, benefiting both the American and Chinese people. Indeed, the global economy is being driven by dynamic growth in the United States and China.
Developing sound and strong trade relationships between countries requires much more than government-to-government dialogue. The role of the USCBC in organizing, informing, advising, and serving the US business community engaged in trade and commerce with China is invaluable to this relationship. I cannot think of a greater compliment than to say that if the USCBC did not exist, we would have to create it.
I thank the USCBC for its contribution to furthering US- China commercial relations. I look forward to reading this special issue of the China Business Review.
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