Tuesday, February 15, 2011

China Payment System Closed - Will WTO Do Anything?

"A U.S. case is pending asking the World Trade Organization to look into trade barriers that discriminate against U.S. credit and debit card companies that want to participate in China's electronic payments market. On Friday, U.S. trade officials requested that the WTO establish a dispute settlement panel to handle the case after consultation with the organization failed to resolve the dispute.

"Opening up China's market, as China committed to do over four years ago, would create American jobs for the U.S. suppliers of electronic payment services, and a more efficient payment card system in China would be beneficial for both merchants and consumers," U.S. Trade Representative Ron Kirk said in a statement Friday."

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