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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


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