Nevertheless, the Phase 1 agreement did not resolve Washington`s fundamental differences with Beijing, which depends on massive state intervention in the economy to turn China into a technological powerhouse. A4: In size terms, which is only six pages long, the “Bilateral Assessment and Dispute Resolution” chapter is the least important element of the agreement. But this does not live up to the importance of this component, which is relatively clear and simple. There is a multi-step process. The U.S. trade representative and the Deputy Prime Minister-designate, and among them, the U.S. Deputy Trade Representative and a Deputy Secretary-designate will lead the meeting. For day-to-day business, both parties will create a dispute assessment and resolution office. If one party feels that the other party is not meeting its commitments, it can make a “call” to the other. If permanent functions are not resolved, the conflict escalates to MPs and then to political leaders. In the absence of a solution, “the complainant may take evidence-based action made available during the consultations, including suspending an obligation from this agreement or adopting an appropriate remedy to avoid an escalation of the situation and maintain normal bilateral trade relations.” critical, if one party takes such a remedy, the agreement states that the other party is prohibited from imposing penalties; Rather, the only recourse is to withdraw from the contract, which each party can do with a 60-day written communication. We are taking an important step – which has never been done before with China – toward a future of fair and reciprocal trade, as we sign the first phase of the historic U.S.-China trade agreement. Together, we are correcting the injustices of the past and creating a future of economic justice and security for American workers, farmers and families.
The deal leaves tariffs on about $360 billion in Chinese imports, with the government`s leverage hoping to generate concessions in the future. The agreement is written as a traditional trade agreement, with a series of substantive and procedural commitments from both sides, which will only be as strong as the extent to which they will be implemented by both parties. For now, trade tensions between the world`s two largest economies, which have intensified over the past two years for much of the past two years, will be paused. However, many structural problems – particularly Chinese subsidies and other industrial policies – remain unresolved. It is not clear whether, when and how the “phase 2” negotiations between the two sides will progress. The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years. It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301.
The Phase 1 agreement requires China to strengthen its intellectual property regime in a number of areas, including illegally manufactured and falsified products and medicines. It also requires China to improve its protection of trade secrets and confidential trade information.
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