| FOR IMMEDIATE RELEASE |
CONTACT: Tita Freeman
|
| February 7, 2007 |
(202) 496-3269
|
Business Community Encourages China to Fulfill its Obligations
as a WTO Member
Washington, D.C. - Business Roundtable President John J.
Castellani today issued the following statement regarding
U.S. Trade Representative Susan C. Schwab's announcement that
the United States has requested World Trade Organization dispute
settlement consultations with China over export subsidies:
"Business Roundtable appreciates the enforcement action
taken by United States Trade Representative Schwab against
China, aimed at ensuring that China does not provide illegal
export subsidies and import substitution policies. By encouraging
businesses in China to use local inputs rather than imported
goods, and providing subsidies for Chinese exports, these
policies distort the international trading system and hurt
U.S. exporters."
"A key part of our nation's China trade policy should be
to preserve the substantial benefits of the U.S.-China relationship,
while ensuring that China abides by the rules that it agreed
to on joining the WTO. USTR's enforcement action at the WTO
is an important part of that, holding China accountable through
an agreed multilateral process. When China and other major
trading partners do not provide a level playing field, U.S.
exporters lose and the domestic consensus in support of open
trade and investment is put at risk."
"Business Roundtable encourages China to address the complaint
seriously and work with the United States to resolve the dispute
in accordance with China's WTO commitments."
# # #
Business Roundtable (www.businessroundtable.org)
is an association of chief executive officers of leading U.S.
companies with $4.5 trillion in annual revenues and more than
10 million employees. Member companies comprise nearly a third
of the total value of the U.S. stock markets and represent
over 40 percent of all corporate income taxes paid. Collectively,
they returned $112 billion in dividends to shareholders and
the economy in 2005.
Roundtable companies give more than $7 billion a year
in combined charitable contributions, representing nearly
60 percent of total corporate giving. They are technology
innovation leaders, with $90 billion in annual research and
development spending - nearly half of the total private R&D
spending in the U.S.
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