The breakthrough trade agreement signed in Beijing on Monday between China and the United States heralds the imminent global debut of the world's last-remaining large market that is basically free and operates on the basis of common global rules. This is a real boon, not only for the two nations concerned, but also for all other countries that have been pursuing economic prosperity and welfare on multilaterally arranged terms at the World Trade Organization.
Monday's signing of the trade accord, which includes lower tariffs, easier market access and investments, was especially welcome for Japan. Since concluding a separate bilateral market-access agreement with China in January, Japan has been calling on China's major trading partners to sign the needed bilateral agreements to help that country join the WTO.
Because the new agreement is a bilateral one, it does not mean China's automatic and immediate WTO membership. Beijing has to conclude deals with the European Union and Canada as well as a multilateral agreement with all 134 WTO member countries before it can fully accede to the organization. Nevertheless, the Sino-American agreement definitely opens the way for China's formal admission -- even if the admission is unlikely to materialize in time for China's participation in the WTO ministerial meeting opening in Seattle, Washington, on Nov. 30.