Chamber Welcomes U.S.-China Trade Agreement Documents During JCCT and SED Meetings

Chamber Welcomes U.S.-China Trade Agreement Documents During JCCT and SED Meetings

Washington, D.C.-The U.S. Chamber of Commerce announced its support for the memorandums of understanding (MOUs) that were signed by the American and Chinese governments following today's session of the Joint Commission on Commerce and Trade (JCCT) and preceding tomorrow's session of the U.S.-China Strategic Economic Dialogue (SED) in Beijing.

"If fully implemented, the MOUs on food and product safety, bulk pharmaceuticals, biofuels, travel and tourism, and high-tech trade will provide important benefits to American businesses, workers, and consumers," said Myron Brilliant, vice president for Asia at the U.S. Chamber of Commerce. "The Chamber will continue to be supportive of both governments as they develop stronger frameworks for relations between both countries through the SED and JCCT."

The Chamber is encouraged by China's agreement to act against the production of counterfeit drugs by regulating several bulk drug ingredients that are now used to make fake drugs. The Chamber also endorsed the Chinese governments' efforts to increase the safety of the food and product supply chain through commitments by China to register its producers of food, feed, drugs and medical devices.

"As the voices of protectionism grow louder, it is essential that China match its words with actions that provide increased market access, improve IPR protection, and enhance the role of market forces," stated Brilliant, noting concern over the absence of tangible commitments from China to open markets further to American producers and service providers. "For this reason we urge the Chinese to take additional steps on critical outstanding issues as soon as possible. High-level dialogues like the JCCT and SED still serve as the most effective mechanism for achieving our shared goals, and for staving off counterproductive, protectionist approaches to trade in both countries."

The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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