Home / Knowledge / News / US & China undertake not to impose new protection measures
US & China undertake not to impose new protection measures
03
Nov '09
The picturesque West Lake in Hangzhou, China witnessed the first negotiations of Sino-US joint communiqué 30 years ago. Once again, at the same place on October 29, 30 years later, China and the US promised not to introduce new trade protection measures.

The meeting was chaired by Wang Qishan and co-chaired by US Secretary of Commerce Gary Locke and Trade Representative Ron Kirk.

Sino-US Joint Commission on Commerce and Trade (JCCT), which was set up in 1983, has witnessed continuous development of the course of Sino-US economic and trade relations, and plays a major role in relieving bilateral economic and trade frictions.

At the first US-China Joint Commission on Commerce and Trade (JCCT) in 1983, US-China trade was just over US $5 billion and US investment in China was only $50 million. Today, bilateral trade volume is about $400 billion, and there have been complex and dynamic economic relations between China and the United States.

This is the first US-China Joint Commission on Commerce and Trade (JCCT) meeting since the new US government took office. President Obama is expected to embark on his first visit to China in a few weeks time.

Statistics reveal that, despite the international financial crisis, from January to September this year, Sino-US trade volume declined from the same period last year, but it still reached $211.8 billion and China and the United States continue to remain each other's second largest trading partner.

The meeting has achieved a series of important results. The two sides signed 11 cooperation documents, economic and trade agreements, including the "Memorandum of investment promotion between the two countries" and the “plan of expanding Sino-US high-tech and strategic trade cooperation action”.

But the most striking result is the consistent commitment of the two parties to jointly oppose trade and investment protectionism and abide by the consensus achieved at the G20 summits. Following the mutual discussions, both countries gave an undertaking, to not impose new trade protection measures.

Fibre2fashion News Desk

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search