(MENAFN- Qatar News Agency) China and the United States on Friday concluded their annual trade talks, agreeing to remove some trade barriers and build a foundation for the new model of major power relations.
"This is the first Joint Commission on Commerce and Trade (JCCT) since the new Chinese and U.S
administrations took office," Xinhua news agency quoted Chinese Vice Premier Wang Yang as saying
The U.S. delegation includes U.S. Secretary of Commerce Penny Pritzker, Trade Representative Michael Froman and Agriculture Secretary Tom Vilsack
"The JCCT has witnessed soaring bilateral trade, which has totaled 500 billion U.S. dollars this year from 4 billion U.S. dollars in 1983," Wang said
Bilateral investment has increased to 100 billion U.S. dollars this year from 100 million U.S. dollars in 1983, Wang said
"Government and business leaders in the U.S. and around the world have expressed how the JCCT should play an important role in supporting shared growth and prosperity between the world's two largest economies," Pritzker said
The in depth discussions covered 40 topics in trade and investment and reached fruitful results, said the statement released by the Foreign Ministry after the talks
Both sides agreed to sign a new memorandum of understanding (MOU) on cooperation in agriculture as soon as possible, said Chinese Vice Agriculture Minister Niu Dun
They agreed on promoting China's cooked poultry exports to the United States and U.S. beef exports to China, said Niu. They also reached agreement on business confidentiality, software, services, general manufacturing and electronic business, the statement said
The U.S. Trade and Development Agency (USTDA) will provide 10 billion U.S. dollars to support China-U.S
cooperation on intellectual property rights, said Chinese Vice Commerce minister Wang Chao. They also agreed on government procurement and fair treatment to Chinese business which invest in the United States. China will submit a new government procurement bid to the World Trade Organization (WTO) in 2014, an effort to join the WTO agreement on government procurement, said Wang.
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