HONG KONG/CHINA, Dec. 11--PRNewswire/Asia-AsiaNet
After 15 years of negotiations, China joins the World Trade Organisation this month and has already begun an ambitious programme of trade and business reforms. This is the most significant step that China has taken towards integration with the world economy and a milestone in its ongoing reform and modernisation scheme.
"While no single change may itself attract headline coverage, the programme for reform in trade, services and investment will alter the landscape for doing business in China as we know it," comments Lucille Barale, Hong Kong based corporate and IP/IT partner, Freshfields Bruckhaus Deringer, who specialises in China related matters.
China will undertake major changes in import and export rights. No longer will trading rights be granted only to certain PRC entities for a set scope of products. Wholesale and retail distribution services and other service sectors will also be liberalised. These changes will gradually be phased in over a period of several years.
China is now subject to certain investment conditions and must comply with the Trade Related Investment Measures Agreement.Protection will be extended to intellectual property and information technology through the Trade Related Intellectual Property Agreement and the Information Technology Agreement.In addition, China must provide non-discriminatory treatment for all WTO members as well as establishing transparency in four areas: trade in goods, trade in services, intellectual property rights and foreign exchange. China's WTO obligations apply to the entire customs territory of China, including special economic zones, border zones and autonomous regions.
An extensive Transitional Review Mechanism is being put in place to monitor China's compliance with its obligations and China has signed the Dispute Settlement Understanding -- a binding dispute settlement process.
To find out more, see 'China enters WTO: An overview of the changes', which can be found at http://www.freshfields.com/places/asia/publications/en.asp .
Notes
Freshfields Bruckhaus Deringer's China practice group has more than 20 years of experience in handling China-related advisory and transactional work across a broad range of industries. It has one of the largest and most experienced China teams of any international law firm, with over 50 specialists based throughout an extensive network in Asia, Europe and the US.
Freshfields Bruckhaus Deringer was created by the merger of Freshfields and Bruckhaus Westrick Heller Lober on 1 August 2000. The merger forged a new leader among international business law firms. With more than 2230 lawyers in 29 offices around the world, the firm provides a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.
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SOURCE Freshfields Bruckhaus Deringer
CONTACT: Lucille Barale, partner, +852-2846-3400, [email protected], or Sara Hopkirk, head of marketing, Asia, +852-2846-3455, [email protected], or Anna Mitchell, head of public relations, +44-20-7785-2033, [email protected]/