China makes headway on WTO application
China has made some progress in its ten year quest to join the World Trade Organisation.
Although it has still declined to make a comprehensive offer to open its markets to industrial and farm goods, it is making a revised offer which is being considered. It has previously said it would reduce import tariffs from 23% to 15%. Chinas trading partners are pushing for further reductions in tariff and non-tariff obstacles to industrial and farm trade as the price for Chinese WTO entry next year.
China was expected to have made an offer by the August 1 meeting of the WTO.