|By Marketwired .||
|February 11, 2014 06:00 PM EST||
WASHINGTON, DC -- (Marketwired) -- 02/11/14 -- The United States and China have a unique opportunity to capitalize on progress that was made in the commercial relationship in 2013, the leading US-China business association said today. China's efforts to reform its economy and advance bilateral investment treaty negotiations offer an opportunity to benefit each country's economy, companies, employees, farmers, and consumers.
"The US-China Business Council supports a strong, mutually beneficial commercial relationship with China," US-China Business Council (USCBC) Chair and DuPont Chair of the Board and Chief Executive Officer Ellen Kullman said. "Government leaders in Beijing and Washington, DC have an important opportunity to move the commercial relationship forward and address issues hampering economic growth. We encourage the United States and China to capitalize on the progress that was made in 2013 with the bilateral investment treaty negotiations and China's announced plans for economic reforms to address key commercial issues."
USCBC is the leading business organization of American companies doing business with China. Now in its 41st year, the organization supports American companies seeking to expand business opportunities in China to benefit the American economy, businesses, workers, and farmers across the nation.
USCBC's board of directors has issued a Statement of Priorities in the US-China Commercial Relationship for the last three years. The goal of the document is to focus the efforts of both governments on the top priorities for American companies that conduct business with China. Last year's statement received high-level attention from senior leaders in both the US and Chinese governments and many priorities were acted on by both governments.
"USCBC's board has a unique voice with 35 business leaders from some of America's best companies," USCBC President John Frisbie said. "The board is well-versed in the US-China commercial relationship and knows the top issues that need to be addressed to ensure the relationship contributes positively to the US and Chinese economies. That is particularly important now, when boosting economic growth and job creation is so important to both economies."
The report contains 30 specific recommendations that fall under six general categories:
1. Further solidify the foundation for mutually beneficial commercial relations
2. Ensure fair and open investment environments that create jobs
3. Reduce trade barriers and enforce globally accepted trade rules
4. Ensure competitive neutrality and improve transparency
5. Provide consistent, strong intellectual property rights (IPR) protection
6. Adhere to mutually beneficial innovation policies
"The US-China Business Council estimates that China is at least a $300 billion market for American companies and American workers. US exports to China, including manufactured goods, chemicals, electronics, and agriculture products, consistently passes $110 billion annually," Frisbie concluded. "Both governments -- US and China -- need to be involved in order to fully develop commercial ties, tackle unresolved issues, and bring greater benefit to each country's economy, companies, employees, farmers, and consumers. This will require continued high-level engagement on both sides. It is a relationship that only gets bigger and more complex as we move forward. It requires a lot of hard work and is often frustrating. But it is worth the effort."
For the complete 2014 USCBC Board Statement of Priorities, visit: http://uschina.org/reports/priorities-thu-05302013-1325.
The US-China Business Council (USCBC) is a private, nonpartisan, nonprofit organization of roughly 240 American companies that do business with China. Since 1973, USCBC has provided unmatched information, advisory, advocacy, and program services to its membership. Through its offices in Washington, DC; Beijing; and Shanghai, USCBC is uniquely positioned to serve its members' interests in the United States and China.
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