On December 11, 2001, China joined the World Trade Organization (WTO) as a member. This had a significant impact on the global economy, as China is the world`s most populous country and its economy is the second-largest in the world. This membership resulted in the US-China WTO agreement, which was a mutually beneficial trade agreement that changed the economic landscape of the world.

The US-China WTO agreement allowed China to have greater access to the world`s markets for its goods, services, and investments. This was a major breakthrough for China as it meant that the country could now compete on a level playing field with other major economies. The agreement also enabled China to reduce its tariffs, which were previously very high and made it difficult for foreign companies to do business with China. It also removed non-tariff barriers, which further opened the Chinese market to foreign investors.

For the United States, the agreement paved the way for increased trade with China. The US gained access to a huge market of over 1 billion consumers, which boosted US exports to China. Additionally, the reduction in Chinese tariffs made it easier for US companies to sell their products in China, which increased American jobs and economic growth.

However, the US-China WTO agreement wasn`t just beneficial for the two countries involved. The global economy also benefited significantly. The opening of the Chinese market allowed more countries to do business with China, which positively impacted the global economy. It also helped to reduce global poverty as China, with its newfound access to the world`s markets, was able to lift millions out of poverty.

The US-China WTO agreement wasn`t without its critics, and there were concerns that China would not live up to its WTO obligations and would continue to manipulate its currency. However, the agreement was a step in the right direction towards greater economic cooperation between nations.

In conclusion, the US-China WTO agreement was a significant milestone in the global economy. China`s membership in the WTO and the resulting agreement allowed for greater economic cooperation and helped to increase international trade. The agreement benefited both the United States and China, but it also had a positive impact on the global economy. The US-China WTO agreement served as a template for future trade agreements and served as a reminder of the importance of free and fair trade.