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SUMMARY OF U.S.-CHINA BILATERAL WTO AGREEMENT
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AGRICULTURE The Agreement would eliminate barriers and increase access for U.S. exports across a broad range of commodities. Commitments include: Significant cuts in tariffs that will be completed by January 2004. Overall average for gricultural products will be 17.5 percent and for U.S. priority products 14 percent (down from 31 percent). Establishment of a tariff-rate quota system for imports of bulk commodities, e.g., wheat, corn, cotton, barley, and rice, that provides a share of the TRQ for private traders. Specific rules on how the TRQ will operate and increased transparency in the process will help ensure that imports occur. Significant and growing quota quantities subject to tariffs that average between 1-3 percent.
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