The US has signed a trade deal with China, as Washington tries to boost the US' faltering economy through penetrating the vast Asian market.
According to Press TV, the two countries signed a series of trade agreements on Wednesday ranging from agriculture to technology. Both have agreed to pursue free trade, but Beijing insisted that Washington must loosen its own export controls over sensitive technology, which US says can be of dual-use -- technically and militarily.
The 21st session of the US-China Joint Commission on Commerce and Trade in Washington ended two days of wrangling over trade on Wednesday and is expected to increase the US exports to China.
In his November visit to India, after a mauling in mid-term polls, President Barack Obama had said that the United States sees Asia, especially India and China, “as the markets of the future."
The $10 billion in deals with India will support 54,000 jobs in the United States, White House aide Michael Froman, who was travelling with Obama, had told businessmen in Mumbai.
The United States said that China also pledged to remain "neutral" on the technological standards for third-generation telecommunications so as to permit market access for American companies, AFP reported.
“We were able to make progress on significant issues in a number of areas, and on other issues we have established channels that will allow us to continue our robust engagement and pursue timely solutions,” US Commerce Secretary Gary Locke said.
Chinese Vice Premier Wang Qishan, who headed the 100-strong Chinese delegation, told reporters, “We've reached many agreements and produced positive outcomes.”
Chinese Commerce Minister Chen Deming said that the United States should relax its export controls -- turning the tables on the United States, which frequently presses Beijing to open its markets.
“Therefore if the United States could offer substantial export facilitation to China, and allow an increase of its exports to China, this would be a help against the high unemployment rate in the United States today,” he said.