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CNN 20: U.S. & China Sign Trade Pact, November 15, 1999

Aired November 15, 2000 - 9:48 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

(BEGIN VIDEOTAPE)

(BEGIN VIDEO CLIP)

REBECCA MACKINNON, CNN CORRESPONDENT (voice-over): After six grueling days and nights of talks, the U.S. and China had a deal on China's entry into the World Trade Organization.

(END VIDEO CLIP)

MACKINNON: China has been trying to get into the World Trade Organization and its predecessor, the GATT, for the last 14 years. So the deal signed between U.S. Trade Representative Charlene Barshevski and Chinese Foreign Trade Minister Shi Guangsheng last November was the end to years of on-again, off-again negotiations.

(BEGIN VIDEO CLIP)

MACKINNON (voice-over): They came oh so close in Washington in April, when Chinese Premier Zhu Rongji had been ready to sign. But Clinton backed out in hopes of an even better deal later on, hopes that were dashed by Chinese anger over NATO's bombing of the Chinese embassy in Belgrade.

Highlights of the deal include substantial Chinese reductions on import tariffs, greater access for U.S. agricultural products, elimination of Chinese export subsidies, greater access for U.S. service providers like lawyers, accountants and doctors, and more imports into China of foreign films.

(on camera): Before it can become a full member of the World Trade Organization, China still has to sign bilateral agreements with several other WTO member countries.

(END VIDEO CLIP)

MACKINNON: One year after the U.S. and China signed their bilateral trade agreement, China has not actually, yet, entered the WTO.

(END VIDEOTAPE)

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