Chuck Grassley: “the Senate will soon make a very important and historic decision about whether to grant permanent normal trade relations…”

“the Senate will soon make a very important and historic decision about whether to grant permanent normal trade relations status to China. This decision would pave the way for China's accession to the WTO. China's likely accession to the WTO is one of the most pivotal trade developments of the last 150 years. It is also perhaps the single most significant application of the most-favored-nation principle, or non-discrimination principle, in modern trade history. I believe we should approve permanent normal trade relations for China. I also strongly believe China should be admitted to the World Trade Organization. Because this is such an important matter, I would like to address this issue today in a careful and thorough way. I have two main points. First, The Core principle of the WTO, the principle of nondiscrimination, or most-favored-nation treatment, is the only way we have to keep markets open to everybody. We should seek the broadest possible acceptance of this basic principle of non-discrimination in trade. History shows that when countries trade with each other on a nondiscriminatory basis, everyone wins. History also shows that free and open trade is one of the most effective ways to keep the peace. Second and lastly I also support China's entry into the WTO because it is in our national self-interest to have a rules-based world trading system that includes China.”