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Rubin: China-WTO 'doable'
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April 15, 1999: 9:16 p.m. ET
Congress in mind, Treasury boss says WTO deal is doable if US interests met
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NEW YORK (CNNfn) - U.S. Treasury Secretary Robert Rubin said Thursday crafting a deal that will let China into the World Trade Organization is "eminently doable," but U.S. trade interests must be respected first.
American business leaders have reportedly urged the Clinton administration to fashion an accord after talks last week between President Clinton and Chinese Premier Zhu Rongji failed to produce an agreement.
But Congress, wary of issues such as tariffs and barriers to entry for U.S. firms seeking to do more business in China's explosive market, has taken a strict "show-me" policy with China on WTO.
Those legislators must sign off on any deal.
Rubin said market access and trade protocols that would help the United States protect itself against dumping are essential to any deal. But Rubin agreed the two sides are nearly there.
"It is eminently doable," Rubin said, speaking on "Moneyline News Hour with Lou Dobbs" Thursday.
"We had two objectives from the very beginning: No. 1, to get a strong WTO accession agreement that's good for the United States, and No. 2, to handle it in such a way as to have the highest probability of success in Congress," Rubin added.
U.S. officials will go to China next week to continue the negotiations.
China has been vocal in its desire to join the WTO, which would offer its companies equal footing with those of other countries on trade.
Lurking in the backs of the minds of many in Congress are recent allegations that China has stolen American nuclear weapons secrets. But Rubin said a WTO deal shouldn't be seen as a concession to China.
"This isn't a question of rewarding China," Rubin said. "A strong WTO agreement is very good for the United States."
Business people, on the other hand, such as auto parts firm Tenneco (TEN) and aerospace titan Boeing (BA) have been vocal in their desire to see China enter the WTO.
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