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Ustr China Trade Agreement

by admin on December 20th, 2020

The economic and trade agreement of the first phase addresses certain of China`s actions, policies and practices identified in the Section 301 study on technology transfer, intellectual property and innovation. The agreement begins to rebalance our trade relations and achieves sound and fully applicable commitments to solve structural problems. The agreement prohibits coercion or pressure on foreign companies to transfer their technology as a precondition for market access, authorisation or benefits. The agreement also requires that any transfer or license of technology be based on voluntary market conditions and reflect mutual consent. The phone call was the first exchange in three and a half months between senior officials from both countries. Today, the world`s two most powerful economies have begun to re-establish a positive and mutually beneficial trading relationship. According to a statement from his office, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin participated in a “regular phone call” with Chinese Vice Premier Liu He in the evening and both sides saw “progress” in the trade agreement. The Phase 1 Economic and Trade Agreement contains a chapter on intellectual property that strengthens the protection and application of intellectual property in China. They are “obliged to take the necessary steps to ensure the success of the agreement,” he said. The agreement requires discussions every six months on the development of the agreement. The United States and China are reported to have scheduled a video conference on August 15, but U.S.

President Donald Trump said last week that he had postponed it. Trump first welcomed the first-phase agreement, which brought a ceasefire into the bloody trade war between the world`s two largest economies. In telephone conversations, the two sides discussed “the steps China has taken to make structural changes” that the agreement called for, such as intellectual property protection and forced technology transfer, Lighthizer`s office said. The parties also discussed “significant increases in China`s purchases of U.S. products, as well as future measures needed to implement the agreement,” he said. As part of the agreement, China agreed to increase its purchases of U.S. goods and services by at least $200 billion over two years, including $32 billion for agriculture alone, in a step that is expected to help reduce the chronic U.S. trade deficit. China`s state-running Xinhua news agency said Tuesday morning in Beijing that the two sides had a “constructive dialogue” and agreed to “create the conditions and atmosphere to continue the implementation of the trade agreement.” We are taking an important step – which has never been done before with China – toward a future of fair and reciprocal trade, as we sign the first phase of the historic U.S.-China trade agreement. Together, we are correcting the injustices of the past and creating a future of economic justice and security for American workers, farmers and families.

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