China set to gain entry into WTO

GENEVA -- Completing a 15-year quest, China secured an agreement Saturday on the terms of its membership in the World Trade Organization, setting the stage for the world's most populous nation to become a full member early next year.

China's entry into the rules-making body for world trade will have far-reaching implications for everyone from American farmers to Chinese auto workers. It will open its state-dominated economy to imports but will also lead to an upsurge in Chinese exports.

Saturday's deal came after a compromise was reached over the remaining obstacle -- a dispute with the United States and the European Union over insurance companies. Despite the late hour, 1 a.m. local time, champagne corks popped at the WTO's lakeside headquarters.