The China-US bilateral agreement on China's accession to the World Trade Organization (WTO), which was signed last November, is significant in terms of China's economic reform, China-US relations and the world economy, the People's Daily said January 17 in a signed article.

The front-page article titled "Significance of the Bilateral Agreement Between China and the United States on China's Accession to the WTO" said that the agreement has won wide-spread support from China, the US and other countries across the world.

The agreement, which was reached after talks which lasted for six days on the basis of mutual concession, equality and mutual benefit, was widely considered a "win-win" deal.

China's bid to enter the WTO started in 1986. Following its bilateral agreement with the US, China still needs to strike a deal with another 21 WTO members including the European Union on its accession.

By reaching a deal with the US, the article says, China has demonstrated to the world that it is determined to continue its reform and opening drive and has promised to abide by WTO rules and open its market gradually.

"To join the WTO is an issue related to China's overall development and further expanding to overseas markets," it says, adding that entry into the WTO will further deepen China's reform and the restructuring of the Chinese economy.

China will also face risks and challenges by joining the WTO, says the article. "It is the price we must pay to gain accession to the WTO," and "we are fully confident that we have the ability to face any kind of challenge."

Following the signing of the China-US agreement, which will undoubtedly see a healthy and stable growth of China-US trade and economic cooperation, the remaining 21 members that are yet to reach a deal with China have all said they will accelerate the negotiation process with China.

Over the past 20 years, trade between China and the United States has grown enormously. The US is now the second largest trading partner of China while China is the fourth largest trading partner of the US There are 28,000 U.S.-invested projects in China with the largest number of contractual investment among other countries.

However, China-US trade has not always been smooth especially in the last ten years. The annual renewal of the normal trade relations (NTR) status, formally known as the most favored trading status, has been a destabilizing factor in trade relations between the two countries.

The annual assessment of the NTR has become a forum where all kinds of anti-China forces are trying to defame China, the article says.

The US Administration clearly promised to the Chinese side during the last round of bilateral negotiations that it will try its best to resolve the NTR issue. "We hope that the US keeps its promise to resolve the problem completely as soon as possible."

The article concludes that it is natural the differences exist between China and the US in the political system, ideological points of view, and the concept of value because of the different situations of the tow countries.

The vicissitudes of China-US relations tell us that the future between the two countries will not always be run smoothly, it says.

"But as long as both sides keep in mind the spirit of equality, mutual benefit and respect, seek common ground while reserving differences, and take a broad and long-term view, there will be room for bilateral cooperation in such major issues as the fundamental interests of the Chinese and American people, world peace and development." (Xinhua)