The U.S. Department of Commerce has issued a statement that President trump and President Xi Jinping of the People’s Republic of China agreed to advance U.S.-China economic cooperation with a 100-day action plan, under the framework of the U.S. - China Comprehensive Economic Dialogue. Under the leadership of the co-chairs, Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur Ross of the United States and Vice Premier Wang Yang of China, both nations have negotiated intensively to make progress on key issues. The three co-chairs reached consensus on initial commitments under the 100-day plan and objectives for next steps.
In approximately one month following the Presidential Summit, the two sides reached consensus on addressing issues in areas including agricultural trade, financial services, investment, and energy. Included in those issues are:
- Following one more round of technical consultations between the United States and China, China is to allow imports of U.S. beef on conditions consistent with international food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement, beginning as soon as possible but no later than July 16, 2017.
- The United States and China are to resolve outstanding issues for the import of China origin cooked poultry to the United States as soon as possible, and after reaching consensus, the United States is to publish a proposed rule by July 16, 2017, at the latest, with the United States realizing China poultry exports as soon as possible.
In response to the agreement, the U.S. Meat Export Federation issued the following statement: “USMEF welcomes today’s announcement that the United States and China have reached a high-level agreement that will allow U.S. beef to reenter the Chinese market after a prolonged absence of more than 13 years. USMEF and its members greatly appreciate the efforts of the Trump administration and officials at USDA and USTR that made today’s announcement possible.”
“The meat industry has long sought access to the Chinese market for U.S. beef, making today's announcement a significant and very welcome milestone,” said North American Meat Institute Chairman and Bob Evans Farms President and CEO Mike Townsley in a statement. “High quality beef is in high demand in China, so the deal has great potential for both our businesses and the U.S. economy as a whole.”
“The administration has shown great leadership in working with the Chinese government and industry to help finalize market access for U.S. beef,” Institute President and CEO Barry Carpenter said. “The beef deal is a significant, concrete accomplishment resulting from the 100-day plan established by President Trump and President Xi at their summit. We are thankful for the hard work on the issue by both leaders."
According to the Meat Institute, the Chinese market is estimated to be worth $2.6 billion for the U.S. beef industry. Asian countries already make up some of the largest markets for U.S. beef with Japan, Korea, Hong Kong and Taiwan making up four of the top six export markets, accounting for $3.6 billion in value in 2016.
Source: U.S. Commerce Department, USMEF, NAMI
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