*EPF304 02/09/00
Excerpt: Treasury Secretary Feb. 9 at House Ways and Means Panel
(Summers seeks support for NTR, WTO membership for China) (410)

While testifying before the House Ways and Means Committee February 9 on President Clinton's fiscal year 2001 budget, U.S. Treasury Secretary Lawrence H. Summers took the opportunity to ask the committee members to support granting China permanent Normal Trade Relations (NTR).

Currently, U.S. trade law requires China's NTR status to be renewed annually. Failure to provide China permanent NTR status before that country becomes a member of the World Trade Organization (WTO) might place U.S. firms seeking access to China's markets at a disadvantage to firms from other WTO members that have already granted China NTR status without restrictions.

Summers said bringing China into the World Trade Organization (WTO) under the terms of the trade agreement reached last November "is a good deal for American workers, farmers and businesses since the concessions all run one way, in our favor."

Summers added that WTO membership "will help promote reform within China and reduce the security threat that an isolated China can pose to America and the rest of the world."

Following is an excerpt from Summers's prepared remarks:

(begin excerpt)

TREASURY NEWS
FROM THE OFFICE OF PUBLIC AFFAIRS

FOR IMMEDIATE RELEASE

February 9, 2000

TREASURY SECRETARY LAWRENCE H. SUMMERS

TESTIMONY BEFORE THE HOUSE COMMITTEE ON WAYS & MEANS

.... One of the President's top priorities this year is to seek Congressional approval for the agreement we negotiated to bring China into the World Trade Organization, by passing Permanent Normal Trading Relations with China as soon as possible. I firmly believe that China's entry into the WTO, under the terms of the trade agreement that we reached last November, is in our economic and national security interest.

-- First, this is a good deal for American workers, farmers and businesses since the concessions all run one way, in our favor.

-- Second, by integrating China into the rules-based world trading system, we will help promote reform within China and reduce the security threat that an isolated China can pose to America and the rest of the world.

Mr. Chairman, we will need your support to prevail, and look forward to working with you on this issue in the weeks and months ahead ....

(end excerpt)

(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: usinfo.state.gov)

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