Foreign Insurer's "in Good Hands": China Offers New Opportunities in the Insurance Services Sector

The Final Agreement which sets out the detailed terms on which China enters the WTO, is found in some 900 pages¹ of text.

The Final Agreement reflects the outcome of multilateral and bilateral negotiations with China. The WTO China Working Party² focused³ on China's multilateral obligations under the various WTO agreements that would bind China when it became a member. China also conducted separate bilateral negotiations with 42 WTO members. The WTO admission procedures allow each WTO member the opportunity to negotiate the terms under which it would agree to China's entry.

Under the WTO⁴ Most Favoured Nation (MFN) principle, the best concessions and commitments secured from China, in any one bilateral agreement, are enjoyed by all other members. This has particular importance in the insurance services sector in respect of the bilateral agreements negotiated by the United States⁵ and the European Union⁶ with China. These two bilateral agreements are the basis for China's insurance services commitments.