From remarks by U.S. Trade Representative Charlene Barshefsky at the American Embassy in Beijing on Monday:

This is a profoundly important agreement for a number of reasons. As a trade agreement, it obviously protects American commercial interests and enhances significantly America's commercial interests. The agreement itself is absolutely comprehensive. It covers all goods, all services, all of agriculture. It covers a variety of rules with respect to import surges, technology transfers, state trading enterprises and high dumping, investing, subsidies and other issues.

. . . This is an agreement that is fully consistent with China's own policy of economic reform and economic development. And in that regard, it will exert a positive effect on the very reforms China itself is trying to make, and, of course, on the very economic process at which China has been quite successful.

This will open markets here. It will improve the efficiency of Chinese companies. It will make them ever more competitive. I think that is a critical point.

. . . This agreement will strengthen the rule of law in China. And I think actually, this is the most important aspect of this agreement. The WTO is a rules-based trading regime. It encompasses almost 140 nations. And the rules, the base rules on transparency, no discrimination, judicial review, administrative independence are absolutely critical to the functioning of the modern economy.