Helps Smaller Firms Benefit from China's WTO Entry

SHANGHAI, CHINA – The United States Chamber of Commerce and the China Council for the Promotion of International Trade (CCPIT) announced today their intention to jointly develop a program that will help small and medium-sized U.S. and Chinese firms seize the business opportunities created by China's WTO membership.

The framework agreement for the U.S.-China Business Partnering Program, signed by both Thomas Donohue, U.S. Chamber President and CEO, and Yu Xiaosong, Chairman of CCPIT, outlines the goals, functions and management structure that will enable businesses to expand their commercial relationships and capitalize on the benefits provided by China's accession to the WTO.

"The United States, China and the world economy stand to benefit tremendously from China's accession to the WTO," said Donohue. "But this potential can only be tapped if U.S. firms, especially small and mid-sized companies, have better market information, access to qualified potential Chinese partners, and the technical help to close profitable business deals."

Chairman Yu said, "The economies of the two countries are highly complementary. With China's entry into the WTO, the prospects for future cooperation between the U.S. and China will be broader. However, only if the Chambers of Commerce of the two countries provide small and medium-sized enterprises with more practical and effective services can the potential be translated into reality."

APEC Ministers have reinforced their support of the Chambers' overall partnering strategy and welcomed the potential for a China-U.S. version of the business program. Both organizations said they are planning the new program as a collaborative initiative whose success will depend on raising corporate funding over the next 12 months.

"With the collaboration between the U.S. Chamber and CCPIT, this program could create a lot more business ties between our two countries," said Steve Van Andel, Chairman of the U.S. Chamber. "This practical approach to stimulate more commercial relationships is long overdue."

The China Council for the Promotion of International Trade (also known as the China Chamber of International Commerce) is China's national foreign trade, economic and investment promotion organization.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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