USTDA Supports Balanced Trade with China
December 20, 2012
(USTDA)
WASHINGTON, D.C. – This week, U.S. Trade and Development Agency (USTDA) Director
Leocadia I. Zak and China's Vice Minister of Commerce, Wang Chao, signed a
Memorandum of Understanding (MOU) at the 23rd session of U.S.-China Joint
Commission on Commerce and Trade (JCCT) meetings, with the objective of
increasing industry cooperation and awareness to create mutual economic benefit.
Director Zak is a member of the U.S. delegation, led by U.S. Trade
Representative, Ron Kirk, and Acting Secretary of Commerce, Rebecca Blank.
Under the MOU, USTDA and China's Ministry of Commerce (MOFCOM) will partner to
advance industry cooperation in the healthcare, energy, agriculture, and
environmental technology sectors through a Select Reverse Trade Mission
Initiative. To support the program, USTDA intends to fund up to four Reverse
Trade Mission (RTM) activities to the United States for Chinese delegations to
introduce potential buyers to U.S. products, services and best practices that
support China’s development and procurement plans. Drawing from USTDA's trade
event planning expertise and resources, these customized RTM activities will
offer mutual benefit for Chinese delegates and U.S. companies by catalyzing new
business and technical relationships. The MOU builds upon more than a decade of
cooperation between USTDA and MOFCOM, a partnership that was reaffirmed by the
Ten Year Operating Framework Agreement signed at JCCT in December 2010.
"This program will serve as a mechanism through which the U.S. government and
industry representatives can support trade by sharing information and best
practices with their Chinese counterparts," said Director Zak. "We are excited
to deepen our partnership with the Ministry of Commerce on this effort."
The JCCT conducts high-level meetings on an annual basis to review progress made
by bilateral working groups that address a range of trade issues. Through the
working groups, U.S. and Chinese agencies meet with their counterparts to
address topics such as intellectual property rights, agriculture, healthcare,
information technology, tourism, commercial law, and the environment.
Established in 1983, the JCCT is the main forum for addressing bilateral trade
issues and promoting commercial opportunities between the United States and
China.
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