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

Apparel/Garments | On 21st Jul 2017

Walmart opens new fulfillment centre in Davenport

Walmart has opened a new e-commerce fulfillment centre in Davenport,...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X