Business Services Industry
China's push to join WTO opening market.(World Trade Organization)
Business Insurance, September, 2000 by UNSWORTH, By EDWIN
China's bid for membership in the World Trade Organization has opened its doors to increased trade, greater foreign investment and increased demand for commercial insurance. The country's last major obstacle to joining the WTO was cleared in May, when China reached a trade accord with the European Union (BI, May 29).
That agreement dealt chiefly with investment and tariffs, but it also produced concessions to the European Union's demand for greater accessibility for E.U. insurers, with China agreeing to offer licenses to seven more European insurers. Also helping open China's insurance market was a deal, struck last November with the United States, in which U.S. negotiators agreed to grant China permanent normal trade relations status. This move was affirmed...
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