Chinese and US trade ministers agreed in Beijing Tuesday to set up a new consultation mechanism within the China-US Joint Commission on Commerce and Trade (JCCT) framework.
Shi Guangsheng, China's minister of foreign trade and economic cooperation (MOFTEC), made the announcement at a press conference following the close of the 14th conference of the JCCT.
The mechanism will include various forms of contacts between trade officials at various levels of the MOFTEC and the US Department of Commerce.
"The mechanism aims to strengthen cooperation between our two sides and handle as early as possible any trade and economic issues between the two countries," Shi said.
Consensus on continuous cooperation
Shi and US Secretary of Commerce Donald Evans co-chaired the conference, at which both sides also reached a consensus on continuous cooperation over the World Trade Organization (WTO) training program, and exchanges on law and trade.
Officials from China and the US signed four cooperation agreements after the conference. The US Trade and Development Agency (US TDA) will provide funding for projects in China in areas of e-commerce, renewable energy, solid waste treatment and aviation.
Both China and the US rate the conference highly.
A total of 23 Chinese officials are attending, including those from the MOFTEC, the State Development Planning Commission, the State Economic and Trade Commission, the Ministry of Information Industry, and the Ministry of Agriculture. The US delegation is composed of 18 officials.
Shi said the two sides held wide-range talks on issues of mutual concern, such as the 201 section on steel exports, anti-dumping and intellectual property rights.
"We have reached a wide consensus," Shi said. "Both sides stress that they will work to promote economic cooperation and trade ties between them."
Good environment for bilateral trade expected to build
Shi made a three-point proposal at the conference. He suggested that the two sides work within the JCCT framework to create a good environment for bilateral trade and economic cooperation, cut trade barriers and facilitate investment, and increase contacts and coordination within the WTO for a more just, open, transparent and reasonable new world trade order.
Evans said the JCCT had played an important role in promoting bilateral trade and economic ties. He stressed it served the interests of both sides to continue cooperation in trade and economic areas following China's entry into the WTO.
The China-US trade volume hit US$80.48 billion worth last year, up 8.1 percent from a year ago, according to Chinese Customs figures.
China's exports to the US grew by 4.2 percent to US$54.28 billion, while imports from the US surged 17.2 percent to US$26.2 billion.
Established in 1983, the annual JCCT conference has been the highest level consultation mechanism on trade and economic cooperation between China and the US.
The conference is held alternately in China and the US.
( April 24, 2002)
