The 25th US-China Joint Commission on Commerce and Trade (JCCT) concluded last week in Chicago after two days of talks and negotiations. The JCCT is the primary forum for addressing bilateral trade and investment issues and promoting commercial opportunities between the United States and China. At the forum, United States Trade Representative Michael Froman and Secretary of Commerce Penny Pritzker and the Chinese delegation met with Chinese Vice Premier Wang Yang to discuss economic relations between the United States and China.
Officials from both countries made progress on agriculture market access. China committed to import American soybeans and dairy products, and announced that it would pursue dialogue with the United States on biotechnology in agriculture.
China made commitments on Intellectual Property Rights protection, agreeing to protect American companies’ trade secrets and to work on new trade secrets law to enhance protection. China also agreed to streamline China’s regulatory processes and cut red tape for American imports of new, innovative pharmaceuticals and medical devices, which should lead to increases in U.S. exports and jobs in these sectors. And on China’s anti-monopoly law, China committed to treat both domestic and foreign companies equally, and to provide increased transparency for companies under investigation.
With regard to the U.S.-China Bilateral Investment Treaty, USCIB joined several other business organizations in signing a letter to Vice Premier Wang Yang in anticipation of his participation in the JCCT to signal to the Chinese government the U.S. business community’s strong support for a high-standard BIT.