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China settles financial info dispute with EU, US, Canada
2008-11-13
GENEVA (AFP) - The European Union, United States and Canada said Thursday they had settled their WTO dispute with China over Beijing's restrictions on foreign financial news providers working in the country. "Financial information suppliers such as Thomson Reuters, Bloomberg and Dow Jones will in the future benefit from a new regulatory framework that will help to ensure a level playing-field for all operators in the Chinese market," the EU said in a statement. The EU and United States filed their complaint back in March, but the dispute had been brewing since September 2006 when China renewed the monopoly held by state news agency Xinhua, which prevents foreign providers of financial information services from dealing directly with Chinese clients. The EU said it joined China and the United States in signing a memorandum of understanding (MOU) in Geneva on Thursday, whereby China agreed to put a new regulatory framework in place by June 1, 2009. Canada joined the dispute following the April acquisition of Reuters by Canadian media giant Thomson Corp. Canada signed a separate but similar MOU with China in Geneva Thursday, according to Canada's trade ministry. "Responsibility will pass from Xinhua news agency to a new, independent regulator and the requirement for foreign suppliers to operate through an agent will be removed," the EU said in a statement. EU Trade Commissioner Caroline Ashton welcomed the deal, saying it "ensures that investors and market operators will be able to receive comprehensive and objective financial information. "This shows what can be achieved when interested parties cooperate in search of solutions," she added. The United States also expressed its satisfaction at the accord. "We are pleased that the WTO dispute settlement mechanism has worked as intended, enabling the parties to reach a satisfactory resolution," Washington's top trade negotiator Susan Schwab said in a statement. "China's commitment to establish an independent regulator in this sector is especially important. The independence of the regulator is critical to ensuring a legal environment that is free of damaging potential conflicts of interest," she added. Canada's Trade Minister Stockwell Day said in a statement that the "agreement resolves an important commercial problem in China by improving market access for foreign companies there and ensuring they are treated fairly." Ashton's predecessor as EU trade commissioner, Peter Mandelson, said in a statement that the deal would allow the three news organisations "to contribute to the development of China's financial markets, to the benefit of all businesses, banks and investors."
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