Much work remains to be done to open China's mkt: US

Much more work remains to be done to open China's market to US exports and investment, top Obama Administration officials have said expressing satisfaction over the progress made during the US-China Joint Commission on Commerce and Trade (JCCT). "We made progress today, though we also recognised that there is still work to do," the Acting US Commerce Secretary, Rebecca Blank, said yesterday at the conclusion of 23rd US-China Joint Commission on Commerce and Trade (JCCT).

"Among other important outcomes, we were able to address US concerns relating to intellectual property and innovation, to agree on the elimination of significant regulatory obstacles that were impeding US exports, and to secure meaningful steps for dealing with core issues in China's Government Procurement Agreement accession. "As China continues to open its market to American exports and investment, it will benefit both of our countries," Blank said.

Blank and the US Trade Representative Ron Kirk co-chaired the JCCT along with Chinese Vice Premier Wang Qishan. The US Agriculture Secretary, Tom Vilsack, participated in the discussions. The US officials announced meaningful progress on key elements of the US-China trade relationship, but also underscored that much more work remains to be done to open China's market to US exports and investment.

"Today's meetings were important both as a capstone to our past efforts and to lay a foundation for progress going forward. The progress we made today on issues of fundamental concern demonstrates that the JCCT is a valuable platform that can produce results for business and workers here at home," Kirk said. "China is currently the top export market for agricultural products produced by America's farmers and ranchers, and we were able to make progress on several key issues, while reinforcing the inherent value of the products produced in the United States.

"Much more work remains to be completed and we'll continue working with our Chinese counterparts in the year ahead," Vilsack said. The US and Chinese governments have also signed agreements related to enhancing understanding and measurement of bilateral trade, and increasing the numbers of reverse trade missions which support China's continued development while creating more US exports and jobs.