Professional Documents
Culture Documents
WORLD TRADE
ORGANISATION
By
Siobhan Wood and
Jane Gordon
China & WTO – A brief History
¥ China was one of the 23 original
signatories of the General Agreement on
Tariffs and Trade (GATT) now known as
WTO in 1948.
¥ After China’s revolution in 1949 they left
the GATT system.
¥ In 1986 China applied for reinstatement
and finally joined the WTO on the 11th
December 2001.
Industry Timelines
China’s entry into the WTO opened the doors for foreign firms
to enter the market, by:
2005 – Telecom 2006 – Banking
Firms allowed 25% share in Foreign banks allowed to
mobile telecom companies conduct business with
immediately, 49% after 3 Chinese Firms 2 years
years after entry, individuals by
2006
2006 – Automobiles
Tariffs reduced to 25% 2004 – Agriculture
(Were as High as 80 – Tariffs on US products will
100%) fall from 31% to 14%
Industry Timelines cont.
2005 – Textiles
Quotas on imports ends
2005 – Energy/Oil
Allow 16.58 million tons of oil initially,
increasing by 15% per year until 2005
2004 – Distribution/Retail