The U.S. has everything to gain from Chinese WTO membership. Our market is already open . To meet WTO requirements, China must unilaterally open its markets, eliminate barriers to U.S. products, and implement far-reaching reforms to bring its trade and economic system into compliance with WTO rules. For China, WTO membership means painful economic adjustments. It is not a gift to China, but a challenge to China .
China is by far the world's biggest emerging market .
Opening China's markets and making it play by global rules are vital to U.S. trade and global economic growth. For Taiwan, WTO membership would be a major diplomatic breakthrough. President Chen Shui-bian of Taiwan strongly supports China's entry to the WTO and the granting of Permanent Normal Trade Relations. Otherwise, China would be entitled to withhold key WTO concessions from U.S. goods, services, and farm products. More importantly, the U.S. would lose the right to challenge Chinese violations under WTO dispute settlement procedures, making our rights unenforceable.