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Business law - chinese trade and investment law - Essay Example
Author : christian30
Pages 12 (3012 words)
China was so keen on gaining membership in the World Trade Organisation (WTO) because it would be able to promote its national reforms, develop its national economy, and boost economic and trade cooperation between itself and various countries and regions around the world…
Significantly, in accordance with the principle of the balance between rights and duties, once China joins the WTO, China is said to be able to enjoy a "most favoured nation status" (Chen 2000). China's interest in WTO according to Chen (2000) is thus -
".the multilateral, stable and unconditional most favoured nation status provided by the WTO members and the achievements gained by other countries and regions from trade liberalization, [the participation] in the formulation of international trading rules, and [utilization of] the WTO's multilateral dispute solution mechanisms to safeguard China's rights and interests"
According to the Fact File of the World Trade Organization (2005), the WTO is the only global international organisation dealing with the rules of trade between nations. Its goal is to help producers of goods and services, exporters, and importers conduct their business through agreements, negotiated and signed by the world's trading nations and ratified in their parliaments.
Established on 1January1995, and created by the Uruguay Round negotiations (1986-1994), the organization is based in Geneva, Switzerland where 148countries (on 13October2004) are members. It has a budget of 169million Swiss francs for2005 and is now headed by Pascal Lamy as Director-General.
The Fact File (2005) furt ...