Huge Trade agreements worth $45 bn with China are going to facilitate the creation of employment for 235,000 Americans

The previous visit of Chinese leaders produced results that benefited US companies ranging from manufacturers of computer software and wind turbines to beef producers. The US side said that significant agreements had also been reached that should boost export sales by American wind turbine manufacturers and heavy equipment. In one agreement, China agreed to revise a catalogue governments use to purchase heavy machinery and industrial machinery to make sure it does not discriminate against foreign suppliers.

The two countries also signed seven new deals covering such areas as agricultural trade, including US soybean exports to China, and the promotion of investment in the United States. The talks took place as the 21st session of the Joint Committee on Commerce and Trade, which was established in 1983, to provide a channel for both countries to address trade disputes.

During the latest state visit of Chinese Premier Hu Jintao to the United States, US companies have signed agreements for supplying different products to China, totalling US $ 45 billion.

The agreements signed with China, the source said, will generate employment for about 235,000 Americans. During the four day visit of Hu Jintao, about 70 contacts have been signed for supplying products to China by the American companies working in the fields ranging from agriculture to manufacturing of cars with hybrid engines.

One of the biggest contracts was the agreement to supply 200 aircraft to China manufactured by Boeing worth $ 19 billion. In addition, China signed an agreement with major US companies such as aluminium giant Alcoa, aerospace company Honeywell, manufacturer of nuclear reactors and equipment for nuclear power plants Westinghouse, Caterpillar, specializing in construction and mining equipment, as well as General Electric. In addition, during the state visit, said the official, Chinese investment in the US economy totalling three billion dollars was also announced.
It is also planned that on the eve of Chinese President’s state visit, Barack Obama met leaders of major American and Chinese companies. The main objective of the meeting was to promote Chinese investments in the US economy and export of American products to China.

Over the past several years, China has been a major exporter of goods to the US. Negative US trade balance with China in 2009 totalled $ 230 billion – more than half of all US balance of payments deficits. Imbalance in external trade with China has often been the subject of US legislators and members of the administration of US President. US have been criticizing China for its undervalued, in their opinion, Yuan. In late 2010 Congress passed a bill to introduce punitive import duties on Chinese goods in case of complaints by American manufacturers. China denies the accusations of manipulating it national currency, and it considers the possible imposition of punitive US tariffs on Chinese products as a violation of WTO regulations. China's economy produces $9.9 trillion, making it the third largest in the world. It's been growing more than 10% per year for the last 30 years.
By
JWT Desk

Source: http://jworldtimes.com/Article/22011...ade_agreements