Washington and Beijing began formal negotiations towards a bilateral investment treaty (BIT) in June 2008. A year later, the highly sensitive talks were halted until July 2013. The US is interested in getting Chinese restrictions on foreign ownership in about 100 sectors — from soybean oil and automobiles to life insurance and other financial services — lifted for US companies which want to expand their market presence there. The Chinese government is interested in getting more security for highly-scrutinised Chinese investments in the US and its massive holdings of US sovereign debt ($1.3 trillion).
In late 2013, China agreed to initiate talks on a possible BIT with the European Union as well.
Trump raised concerns of a resumption of economic hostilities with China, threatening to withdraw from the trade deal if Beijing’s purchase pledges come up short.
As Donald Trump ups the pressure on China regarding coronavirus, the hard-fought trade deal between the two countries is falling by the wayside.
China was due to release intellectual property action plan 30 working days after phase one trade deal came into force on February 15.
The United States and China have made progress in implementing the agriculture-related provisions of a Phase 1 trade deal that took effect on Feb. 14, the USDA and USTR said.
China has drawn up food safety standards on residue limits of growth hormones in beef, a move seen as a further step towards opening up its market to American imports of the meat.
The US is willing to show China some flexibility on its pledges to boost American imports as long as Beijing ensures exports don’t surge when production returns to full strength.
US trade representative and Agriculture Secretary signed a letter praising China’s progress on trade deal. They did not mention coronavirus outbreak but said China ‘fully expected’ to meet terms.
The rapidly spreading coronavirus could claim one more victim: the United States-China trade deal.
What does what we know of the so-called Phase One deal mean for US agribusiness exports to China and, down the value chain, for US farmers?
China agreed to extend patent terms for novel drugs "to compensate for unreasonable delays that occur in granting the patent or during pharmaceutical product marketing approvals."