US President George W. Bush on Friday presented to Congress a letter formally requesting extension of the Normal Trade Relations (NTR) status to China for another year.
In a letter to House and Senate leaders, Bush said that trade with China has benefited both American business, which boosted exports to China by 24 percent last year, and American farmers, who exported to China more than 3 billion dollars worth of farm products in the same period.
"Trade is in the interests of American consumers, especially those who live from paycheck to paycheck and depend on inexpensive goods from China to enhance their quality of life," Bush said.
He said that the normal trade status requested for China is what "virtually every other country in the world" now enjoys.
"Fair trade is essential not only to improving living standards for Americans but also for a strong and productive relationship with China," he said.
Bush said that the United States has a huge stake in the emergence of "an economically open, politically stable and secure China," and "not only we need to speak frankly and directly about our differences, but that we also need to maintain dialogue and cooperation with one another on those areas where we have common interests."
Last year, US Congress passed legislation granting China Permanent Normal Trade Relations (PNTR) as soon as the country enters the World Trade Organization, abandoning what Beijing had seen as an unfair practice of annual review by the US legislature over its trade status.
The PNTR legislation, however, has not yet come into effect since Beijing is still negotiating on accession to the global trading bloc. Therefore, the annual review will continue in the Capitol Hill this year.
(xinhua 06/02/2001)
