In response to a request by the Meat Institute and other industry partners, President Donald Trump raised restoration of US beef access to China in his summit with Chinese President Xi Jinping last month and has made beef access a reality.
The agreement would also streamline the evaluation of pending USA biotechnology product applications; pave the way for allowing American-owned suppliers of electronic payment services to begin the licensing processes in China and facilitate the entrance of Chinese banks into the US banking market, among other measures. "You watch and you'll see".
Foreign-owned firms will also be able to provide credit rating services in China, under the agreement, which are the first results of 100 days of trade talks that began last month.
The trade deal will open Chinese markets for American beef by July, allowing American producers to export meat for the first time in 13 years.
American firms such as Visa and MasterCard will be allowed to offer card payment services in China. "China economic engagement and cooperation".
The idea of the United States attending the belt and road summit came from the American side, finance vice-minister Zhu Guangyao said. "So we're hoping that these efforts which are being led by the Trump administration, and in particular Secretary Perdue, is a big step in the right direction".
"It's clear, at least in the near term, that fears about a trade war have receded significantly". Trump has since softened his tone as he's sought the country's cooperation in mitigating the nuclear threat from North Korea. And he came close to pulling the United States out of the North American Free Trade Agreement with Mexico and Canada, before backing down after calls from Mexican President Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau. But trade experts questioned its magnitude, and the limited agreement on 10 items joins a list of tectonic shifts between the world's two largest economies.More news: Roadside bomb kills 11 Afghans headed to wedding
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Ker Gibbs the American Chamber of Commerce in Shanghai chairman said the new measures were a good start but did not represent a breakthrough. "Past foot-dragging means we won't celebrate until these promises are executed". "This should have been done years ago when it would have made a difference". "We look forward to providing almost 1.4 billion new customers in China with the same safe and delicious USA beef that we feed our families".
"United States is to publish a proposed rule by July 16, 2017, at the latest, with the United States realizing China poultry exports as soon as possible", said the release.
China banned US beef in December 2013 after a case of bovine spongiform encephalopathy in a dairy cow was found in the U.S. -China Comprehensive Economic Dialogue.
The deal will also allow China easier access to the USA banking system and let American energy companies export LNG to China, most of which it now buys from Russian Federation.
A Chevron driller wearing a hard hat. Current Chinese regulations force cloud providers to pair with Chinese-owned entities and hand over proprietary technology and control of their data centers before they can enter the market, he said.
"Even in the European Union", he says, "we're unable to export poultry because of a bunch of restrictive trade policies that they have put in place that really are not justifiable".
NORTHAM: There may be more progress when negotiators from the United States and China meet again this summer to continue work on trade issues.