Which Is The Specific Trade Agreement That Allowed American Business To Do Massive Business In China?
Posted by IT CommentatorAug 15
setting up manufacturing there and outsourcing jobs? I think it was signed during the Clinton presidency.
does anyone know the name of that trade agreement? I know about NAFTA that was signed under the Clinton presidency as well, but NAFTA has to do with trade in the americas..right?
vtech v motion active learning system
The revised 1993 version of GATT
No, you’d be wrong. You can look this up easily enough, so I don’t see what the problem is.
When President Nixon stepped off his Boeing 707 in Beijing, China accounted for
only 0.7 % of world trade. That was to change. With the signing of the Shanghai
communique, not only did the United States and China take the first step toward
normalized relations, but they also expressly declared that “[b]oth sides view bilateral
trade as another area from which mutual benefit can be derived, and agree that
economic relations based on equality and mutual benefit are in the interest of the
people of the two countries.” There were some U.S. companies like Weyerhauser and
Boeing that were quick to pursue new trade opportunities with China. But, overall, it
was not until several years later, following the launch of economic reforms by Deng
Xiaoping in 1978, that foreign trade began its sustained rise. By 1985, China’s share
of world trade more than doubled to 2.0 %. Indeed, Deng’s famous “Black Cat, White
Cat” speech which gave birth to the special economic zones in Shenzhen, near
Guangzhou, saw trade over 200 years come full circle.
Today, with China a full-fledged member of the WTO, its 1.3 billion people represent
one of the United States’ fastest growing export markets. U.S. exports of goods more
than tripled during the 1990’s, and reached more than $26 billion in 2001, while U.S.
exports of services reached nearly $5 billion in 2001. The overall value of our twoway
trade is over $125 billion, and China is now our fourth largest trading partner.
Now, what can we learn from this brief history lesson?
First, it shows that China’s recent accession to the WTO is the culmination of several
bold — and voluntary — steps taken by China’s reform-minded leadership. In the past,
when China had engaged in foreign trade, it had not been on terms that it had freely
chosen. The terms were largely dictated by foreign powers. The dramatic economic
transformation initiated by the Shanghai communique in 1972 and jump-started by
Deng Xiaoping in 1978 was China’s decision, just as was China’s accession to the
WTO two decades later.
Second, while joining the WTO is a voluntary step on the path to economic reform, it
was taken by China’s progressive leaders knowing that many sectors and regional
authorities in China would resist the changes brought about by WTO membership.
Curiously, these leaders to some degree are looking to the West to deliver coercive
outside pressure on entrenched interests through demands for greater market access
under WTO rules.http://www.ustr.gov/assets/Document_Libr…