World Trade Organization

China became the 143rd member of the World Trade Organization (WTO) on December 11, 2001, after almost 15 years of negotiations. These negotiations resulted in China’s commitments to open and liberalize its economy and offer a more predictable environment for trade and foreign investment in accordance with WTO rules. The United States and other WTO members have stated that China’s membership in the WTO provides increased opportunities for foreign companies seeking access to China’s vast market. China is already a major destination of U.S. investment overseas, and total trade between China and the United States was an estimated $145 billion in 2002, based on U.S. trade data.