BIZCHINA> Bilateral Trade
China and US reach trade agreements
(China Daily)
Updated: 2008-09-18 07:02

Chinese and US delegations reached several agreements to boost trade ties on Tuesday.

The agreements were signed at the 19th meeting of China-US Joint Commission on Commerce and Trade (JCCT) at the Richard Nixon Presidential Library near Los Angeles. This is the 25th year of the JCCT.

The deals struck were on food security, loan for medical equipment purchase, promotion of digital TV, cooperation in agriculture and on trade statistics.

At the one-day JCCT meeting, co-chaired by Vice-Premier Wang Qishan, US Secretary of Commerce Carlos Gutierrez and Trade Representative Susan Schwab, the two sides agreed to boost cooperation between their working groups in fields such as intellectual property rights and the information industry.

The JCCT is a high-level government-to-government dialogue mechanism, which helps open market opportunities and resolve trade disputes between the two countries.

Wang, who is heading the Chinese delegation, said the JCCT mechanism has served as an important platform for Sino-US talks in fields such as trade and investment. It has played an important role in solving their trade problems and extending economic and trade cooperation, too.

The two sides should take advantage of the JCCT and hold talks to boost mutual understanding, extend economic and trade cooperation and create a favorable legal and systematic conditions for the development of their enterprises, Wang said.

The US attaches great importance to the JCCT mechanism, and is willing to promote US-China dialogue, cooperation and partnership to create opportunities in bilateral economic and trade ties, Gutierrez said.

Schwab expressed Washington's willingness to solve the bilateral trade and commerce problems.

China now ranks as the second largest trading partner of the US, Schwab said, hence Washington favors long-term and stable development in economic and trade relations with Beijing to benefit the peoples of both countries.

Senior officials of the two sides discussed various business and trade issues in order to seek ways to boost bilateral economic ties.

In his opening speech, Wang said it is very important that China and the US maintain close economic and trade exchanges as the global economy is going through a turbulent time.

"The Chinese government is well aware of the fact that the US, the largest developed country, and China, the largest developing country, should have constructive and cooperative economic and trade ties," Wang said.

Gutierrez and Schwab welcome the Chinese leaders, and said the high-level dialogue between the two governments to solve the problems and disputes would be mutually beneficial.

Wang led a delegation of senior officials from the commerce, foreign, finance, agriculture and other ministries, and the General Administration of Civil Aviation to the JCCT.

(For more biz stories, please visit Industries)