The Chinese mainland is near the end of its 15-year quest to join the World Trade Organisation after the powerful trade body agreed on terms for the mainland’s entry, paving the way for a final vote at a WTO meeting in Doha, Qatar, next month.

WTO Director-General Mike Moore said that international co-operation had brought about this defining moment in the history of the multilateral trading system.

“With China’s membership, the WTO will take a major step towards truly becoming a world organisation. The near-universal acceptance of its rules-based system will serve a pivotal role in underpinning global economic co-operation.”

The Hong Kong Trade Development Council welcomed the long-awaited move, which could see the mainland’s admission to the 142-member body by early next year. Executive Director Michael Sze said WTO membership would anchor China firmly in the world trade system.

“Huge opportunities in the mainland offer possibilities for overseas firms to offset some of their difficulties at home by setting up new branches in China with more competitive operating costs. By utilizing Hong Kong’s trade platform, overseas companies can take advantage of the geographic, cultural and first mover advantages that Hong Kong enjoys.”