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China, US wrap up trade talks

2009-10-30 08:58 BJT

 

China and the US have just concluded their annual session of the Joint Commission on Commerce and Trade in the eastern city of Hangzhou. It's the joint commission's first meeting since US President Barack Obama took office. Deepening trade links and easing frictions are the major goals. Both sides have agreed not to adopt any trade protection measures.

The meeting is co-chaired by Chinese Vice Premier Wang Qishan, US Secretary of Commerce Gary Locke and US Trade Representative, Ron Kirk.

Addressing the opneing ceremony, Wang Qishan says bilateral relations are at a new starting point. He is calling for closer cooperation and firm opposition to trade protectionism. He hopes both sides will have a candid and practical attitude at the meeting.

In his speech, Gary Locke speaks highly of the mechanism of the Joint Commission on Commerce and Trade. He promises the US government will deal with problems the Chinese side puts forward, with a cooperative and constructive attitude.

At the meeting, both sides agreed the US would move quickly and establish a working group to examine China's market economy. Officials also discussed energy issues, the yuan exchange rate, recent trade disputes and agricultural cooperation.

The meeting concluded with the signing of 11 agreements including a memorandum on strengthening two-way investment.

The China-U.S. Joint Commission on Commerce and Trade, or JCCT, was established in 1983 as a government-to-government consultative mechanism for resolving trade concerns and pursuing bilateral commercial opportunities.

It now includes a number of working groups to discuss specific trade issues.

Editor: Zhang Ning | Source: CCTV.com