China and the US have one of the world’s most important economic relationships -- even if often fraught with tension. One official from the US department of commerce says the department’s largest presence overseas is in China to help US firms get more out of the Chinese market.
China is the third-largest market for US exports, responsible for more than 800 thousand US jobs. The US deparment of Commerce says that it will help US businesses tap into the growing Chinese market, and it is a high priority for them.
Stefan M. Selig, under secretary for international trade at the US department of commerce, spoke Tuesday in New York.
"So clearly China is already an elite market for U.S. exports. The numbers prove it," Stefan M. Selig said.
Selig said that in 1985 US exports to China totaled less than 3 billion US Dollars, but that number was a record 122 billion US dollars last year.
Noting that China ranks just behind Canada and Mexico in US exports, he said that it’s interesting that the US has a free-trade agreement with Canada and Mexico, but not yet with China.
Major hurdles are intellectual property rights, market access and security concerns. But on a pragmatic front, the two countries need healthy business relations.
China and the US are talking on a Bilateral Investment Treaty, which is expected to be in shape next year. The current debate is on the negative list, which analysts say may be shortened by China to reach an agreement with the US.