U.S. Chamber of Commerce Welcomes Signing of Phase 1 Trade Agreement Between the U.S. and Chinaposted on January 16, 2020
WASHINGTON, D.C. — Today, the U.S. Chamber of Commerce welcomed the signing of a Phase 1 trade deal between the U.S. and Chinese governments.
“We commend both governments for staying the course and taking this important step to rebuild trust and restore some stability in the world’s most important commercial relationship,” said U.S. Chamber CEO Thomas J. Donohue. “This deal provides much needed certainty to American businesses as they begin the new year.”
The Phase 1 agreement signals a rollback of the tit-for-tat tariff measures that have hurt American companies and consumers and includes important structural commitments from the Chinese. China’s commitments expand market access for American businesses in agriculture, manufacturing, and financial services; strengthen IP protection and enforcement; and address unfair technology transfer practices.
“This agreement signifies a new chapter in U.S.-China relations. When fully implemented, China’s commitments will create a better environment for U.S. exporters and investors and begin the process of rebalancing the economic relationship between the United States and China,” said Donohue. “We hope this deal will usher in a new era of trust between both countries and pave the way for Phase 2 negotiations to begin in a timely manner.”
Following today’s signing ceremony, is critical for both parties to begin negotiations on Phase 2 as soon as possible to address significant concerns in the areas of subsidies, digital trade and data discrimination, and non-tariff barriers to U.S. manufacturers and service providers.
“These complex and long-standing issues in the U.S.-China commercial relationship have a significant impact on American businesses’ ability to compete in the global economy,” said Donohue. “We know there is challenging work ahead, and the Chamber stands ready to support both governments as they embark on the next phase of this important deal.”
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.
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Contact: Sarah Keller