CHINA AND EU MAKE DEAL ON WTO ACCESSION
China and the European Union have reached a ground-breaking bilateral trade agreement that paves the way for China’s membership of the World Trade Organization.
The agreement follows a similar pact last year between China and the U.S.
Under the China/EU agreement, China will reduce import tariffs by 8 to 10 percent on over 150 leading European exports such as machinery, textile, cosmetic, footware, leather goods, wine and spirits.
China also agreed to liberalize its markets for the telecoms, distribution, automobile and other industries.
China will also cease to apply a number of measures which distort trade, such as export performance and local content requirements, and industrial export subsidies, the European Commission said.