CHINA will still qualify as a founder member of the World Trade Organisation (WTO) as long as it complies with the basic membership requirements from the outset, says a top European Union (EU) trade negotiator.
'There are various technical means to help China enter as a founder member even if it [the negotiation] is not all wrapped up by the first of January [when the WTO is set up],' said Sir Leon Brittan, the EU external trade commissioner.
But he said that would only happen if China was able to work out a credible offer of initial liberalisation, and then gradually comply with the full requirements during a transition period of, say, five to 10 years.
Sir Leon's statements came as Chinese Foreign Trade and Economic Co-operation Minister Wu Yi indicated a few days ago that the country was prepared to be flexible in some items if that was reciprocated by the other contracting parties of the General Agreement on Tariffs and Trade, which will be replaced by WTO on January 1.
The EU and the United States would like China to increase market access for food items, goods and services, remove trading monopolies and introduce full convertibility for the yuan.
'What we have in mind is that China should agree to the essentials from the outset and then agree to a period of transition during which China will gradually accept the rest of the obligations,' said Sir Leon.