Home In the U.S. US and China Sign Historic Trade Agreement: What You Need to Know

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US and China Sign Historic Trade Agreement: What You Need to Know

'15.01.2020' Source: RIA News Subscribe to ForumDaily on Google News

After long 13 rounds of negotiations, the United States and China reached an agreement and signed the first package of documents under the trade agreement. The document in Washington was signed by US President Donald Trump, from China, the document was signed by Vice Premier of the State Council of the PRC Liu He, writes RIA News.

Photo: video frame twitter.com/WhiteHouse

The broadcast of the signing ceremony led White House Twitter.

What is known about this document?

Trade and agricultural goods

According to the terms of the first phase of the transaction, Beijing in the next two years agreed to purchase US goods worth $ 200 billion, writes TASS. At the same time, China will have to spend about $ 40-50 billion on American agricultural products, which is almost twice as much as in 2017 ($ 24 billion). The exact name of the goods is still unknown, but we can talk about increasing imports of wheat, rice, corn. As the TV channel reported CNBCBeijing fears that such a sharp increase in purchases of US agricultural products could adversely affect relations with other trade partners of China. In addition, China takes into account the risk that Donald Trump, despite the conclusion of the transaction, may still introduce new duties.

Intellectual property

This paragraph provides for strengthening the legal protection of patents, trademarks, copyrights, improving the criminal and civil proceedings of the PRC to combat violations of rights on the Internet, pirated and counterfeit goods, including pharmaceuticals. Washington has repeatedly accused China of stealing US technology and appropriating intellectual property.

Technology transfer

China must stop pressure on foreign companies and not force them to transfer their technology to Chinese firms in exchange for access to the Chinese market. Washington calls this practice economic aggression. In addition, Beijing is committed to ensuring transparency and fair trial of such cases, as well as technology transfer on a market basis. According to the US Trade Mission, China agreed to refrain from direct investment aimed at acquiring foreign technology to fulfill its industrial plans.

Photo: video frame twitter.com/WhiteHouse

Currency agreement

This agreement contains the obligation of China to refrain from competitively devaluing the currency and not use its exchange rate to gain a trading advantage. According to the American side, such an approach will contribute to strengthening macroeconomic stability and will not allow China to use currency fraud for unfair competition with American exporters.

Adjustment of disputes

This paragraph sets out a mechanism that allows the parties to resolve disputes in a fair and expeditious manner. The agreement provides for regular bilateral consultations at various levels. It also establishes rigorous dispute resolution procedures related to the agreement and allows each party to take proportionate retaliatory measures, which it considers appropriate.

Photo: video frame twitter.com/WhiteHouse

Signed Document Published Edition Fox Business.

As part of the negotiations on the second phase of the transaction, discussions are expected on the withdrawal and the remaining fees. The United States Trade Representative, Robert Lightheiser, reported that the United States would retain duties of 25% on Chinese goods worth about $ 250 billion, along with 7,5% on goods worth $ 120 billion, according to the conclusion of the first phase of the trade agreement between Beijing and Washington. However, Trump noted that the removal of these restrictions will be a trump card in the negotiations on the second phase of the transaction.

The American administration is ready to introduce new duties if China violates the terms of the trade deal in its first phase. A “specific implementation mechanism” is provided, which will be regulated, among other things, by secret documents.

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