Trade talks are set to resume April 22 in Beijing. Economically, the benefits to the U.S. from China's entry are overwhelming. According to the office of the United States Trade Representative, China has made some surprisingly large concessions. U.S. companies also stand to gain true access to China's insurance, telecommunications, travel, and other markets.
China also stands to gain.
First, China badly wants the prestige of WTO membership. Entry into WTO will confirm China's new-found status as a major economy and world trading power. Simply put, the U.S. and China both have a stake in capitalizing on this one area of clear mutual interest because, outside WTO, the outlook for U.S.-China relations is still very grim. Several events in the coming weeks and months will serve to further strain the relationship. Many analysts expect the report to contain several new bombshells about China's theft of sensitive missile and nuclear technology.