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| [00:08.59]This week,two important committees in Congress approved legislation [00:14.84]to give permanent normal trade rights to China. [00:19.70]The bill faces a close vote in the House of Representatives next week [00:26.12]but it is expected to pass easily in the Senate. [00:31.48]Each year since 1980,Congress has renewed China's trade rights. [00:39.13]The term "most-favored nation"is no longer used. [00:45.56]It appeared to describe a special relationship, [00:49.79]but only meant normal trade relations. [00:54.02]Almost all countries have these rights with the United States. [01:00.26]If China did not,the United States would increase taxes [01:06.59]and restrictions on imported Chinese goods. [01:11.31]The bill would end the requirement that Congress vote each year [01:17.74]on trade relations with China.It would make normal trade relations permanent. [01:24.95]In exchange,China would open its markets to American companies. [01:31.72]The proposed legislation this year is part of a trade agreement [01:38.04]reached between China and the United States. [01:42.56]The agreement helps China in its effort to join the World Trade Organization [01:49.90]That group sets the rules of international business. [01:55.54]The Clinton administration and business groups [02:00.97]support the trade bill in congress. [02:04.71]They say it will earn American companies major new trading rights in china [02:12.26]They say China's entry into the WTO will increase American exports [02:20.70]by as much as 3,000,000 dollars within five years. [02:27.33]And they say all that trade will help the Chinese people [02:33.57]to become more open to influences outside their country. [02:39.22]The United States imported almost 70,000,000,000 dollars more from China [02:47.65]last year than it exported to that country. [02:52.28]Only the trade deficit with Japan is larger. [02:57.63]Opponents of the bill say the yearly vote in Congress is an important tool [03:06.25]for influencing policy in China. [03:10.09]And they question if China would honor its responsibilities [03:16.02]as a member of the WTO. [03:19.37]Among those opposing the bill are lavor unions. [03:25.40]They say American workers will lose their jobs. [03:30.94]The unions worry that American companies will open more factories in China [03:38.49]Small-business owners worry,too,about competing against lower-cost imports [03:46.72]Human rights groups and environmental activists also oppose permanent [03:53.77]trade rights for China. [03:56.93]To gain support for the bill,the House Ways and Means Committee last week [04:04.27]added new measures to protect American industries. [04:10.02]These would permit the president to assist industries hurt [04:15.76]by a possible sudden increase of imports from China. [04:21.02]A separate bill would create an independent committee [04:26.37]to examine human rights in China. [04:30.81]In Beijing Friday,China moved another step closer [04:36.24]to membership in the World Trade Organization, [04:40.37]by signing a trade agreement with the European Union |
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