China's Accession to the World Trade OrganizationAfter nearly 15 years of negotiations, China successfully entered the World Trade Organization on December 11, 2001. In less than three years after its accession, while China's progress has been somewhat behind schedule, the country has made very significant changes that have contributed to the transition to a market economy and the country's opening up to the multilateral trading system . Following the Uruguay Round of multilateral trade negotiations, the World Trade Organization (WTO) was established. in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT). The WTO is an international organization that oversees trade relations between nations dealing in goods, services, intellectual property and investments. The primary function of the WTO is “to ensure that trade flows as smoothly, predictably and freely as possible” (“World Trade Organization”). The WTO helps international cooperation by providing countries with a fair forum to resolve disputes over trade issues. Member countries submit their trade disputes to the WTO rather than acting unilaterally. The organization is also committed to reducing the cost of living and stimulating economic growth by reducing protectionism and promoting freer trade. Member countries enjoy the security provided by trade rules, but are required to commit to opening their markets and respecting their commitments. The process of joining the World Trade Organization is very complicated. The country requesting membership must first describe all the features of its economic and trade policies. The prospective member will then engage in parallel bilateral talks with member countries up to n...... middle of the document ......eb. 2002.China and the WTO. November 26, 2004. .“The World Trade Organization…..” April 2003. World Trade Organization. 7 Oct. 2004. .Walton, Julie. “WTO: China enters third year”. The China Business Review.September 24, 2004. The US-China Business Council. September 30, 2004. .“WTO Ministerial Conference Approves China's Accession.” WTO News: Press Releases 2001. April 2003. World Trade Organization. September 30, 2004. .“WTO Successfully Concludes Negotiations on China's Entry.” WTO News: Press Releases 2001. April 2003. World Trade Organization. September 30th 2004.>.