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China Business Council
Discourages A Premature
Withdrawal From Trade Agreement
With China
By US-China Business Council “It would be extremely destabilizing if the president
pulled out of the agreement without giving the
Through a press release on May 8, 2020, the US- Chinese a chance to meet their commitments,” said
China Business Council (USCBC) commended Craig Allen, president of USCBC. “So far, China
the Trump administration for the implementation seems to be operating in good faith and has sought
of the US-China Phase One trade agreement, which no modifications to its purchase commitments
has already led to improvements—particularly despite its ability to request them.”
in agriculture, intellectual property protection
and financial services—for American companies. “Significant care was put into negotiating the
Continuing to ensure full implementation of the agreement’s dispute resolution mechanism—it
Phase One trade agreement is necessary to regain was intended to secure a durable agreement able
momentum in the bilateral commercial relationship to withstand temporary discord in the US-China
in the wake of a pandemic. relationship” said Allen. “USCBC encourages USTR to
leverage the dispute resolution mechanism if it finds
USCBC stated that it will be releasing the findings China is not faithfully implementing its commitments.”
of its second survey on USCBC members’ sentiment
toward Phase One later this month. USCBC and the business community look forward
President Trump’s recent remarks imply the to supporting “phase two” negotiations to address
United States may withdraw from the Phase One issues like market-distorting subsidies for state-owned
agreement if China fails to purchase $200 billion enterprises, the regulation of data, and equal treatment
over the next two years. With only two full months for US and other foreign companies. We are deeply
of implementation to date, in the midst of an concerned that withdrawing from Phase One will delay
unprecedented global health crisis, there has not been progress on these important structural issues.
sufficient time to assess China’s delivery of several
commitments, annual purchase targets included.
SOUTH CHINA BUSINESS JOURNAL 14
Discourages A Premature
Withdrawal From Trade Agreement
With China
By US-China Business Council “It would be extremely destabilizing if the president
pulled out of the agreement without giving the
Through a press release on May 8, 2020, the US- Chinese a chance to meet their commitments,” said
China Business Council (USCBC) commended Craig Allen, president of USCBC. “So far, China
the Trump administration for the implementation seems to be operating in good faith and has sought
of the US-China Phase One trade agreement, which no modifications to its purchase commitments
has already led to improvements—particularly despite its ability to request them.”
in agriculture, intellectual property protection
and financial services—for American companies. “Significant care was put into negotiating the
Continuing to ensure full implementation of the agreement’s dispute resolution mechanism—it
Phase One trade agreement is necessary to regain was intended to secure a durable agreement able
momentum in the bilateral commercial relationship to withstand temporary discord in the US-China
in the wake of a pandemic. relationship” said Allen. “USCBC encourages USTR to
leverage the dispute resolution mechanism if it finds
USCBC stated that it will be releasing the findings China is not faithfully implementing its commitments.”
of its second survey on USCBC members’ sentiment
toward Phase One later this month. USCBC and the business community look forward
President Trump’s recent remarks imply the to supporting “phase two” negotiations to address
United States may withdraw from the Phase One issues like market-distorting subsidies for state-owned
agreement if China fails to purchase $200 billion enterprises, the regulation of data, and equal treatment
over the next two years. With only two full months for US and other foreign companies. We are deeply
of implementation to date, in the midst of an concerned that withdrawing from Phase One will delay
unprecedented global health crisis, there has not been progress on these important structural issues.
sufficient time to assess China’s delivery of several
commitments, annual purchase targets included.
SOUTH CHINA BUSINESS JOURNAL 14
