U.S. Secretary of Commerce Penny Pritzker and U.S. Trade Representative Michael Froman today in Beijing led the American delegation in the 24th session of the U.S.-China Joint Commission on Commerce and Trade (JCCT). Hosted by Chinese Vice Premier Wang Yang, the JCCT discussions also included U.S. Secretary of Agriculture Tom Vilsack. The United States announced key outcomes in the areas of intellectual property rights, government procurement, and regulatory obstacles.
"We have made progress during these meetings, though we still have more work to do on critical issues to further our economic relationship," said Secretary Pritzker. "I have been in business for 27 years, and I know first-hand how important it is to build relationships with your partners. This was an important start for the three new JCCT co-chairs. China is a key partner on a broad range of issues, and their economic health is important to the global economy and the United States."
"The JCCT results build on the progress made during Vice President Biden's recent visit, as well as positive announcements resulting from China's Third Plenum on promoting the reform and opening of China's economy," said Ambassador Froman. "We still face many challenges, but the JCCT offers us a key tool for resolving important trade and investment issues."
The JCCT holds high-level plenary meetings on an annual basis to review progress made by working groups that focus on a wide variety of trade issues. These working groups meet throughout the year to address topics such as intellectual property rights, agriculture, pharmaceuticals and medical devices, information technology, tourism, commercial law, environment, and statistics.
Established in 1983, the JCCT is the main forum for addressing bilateral trade issues and promoting commercial opportunities between the United States and China. The 2012 JCCT meeting was held in Washington, DC.
China was the largest supplier of U.S. goods imports in 2012, and the third-largest market for U.S. exports in 2011 (after Canada and Mexico). U.S. goods exports to China were $110 billion in 2012. Trade in services with China (exports and imports) totaled $47 billion in 2012; services exports were $30 billion and services imports were $17 billion.