China to import US Beef for first time since 2003

Brittany BishopMay 13, 2017

However, some wordings were vague, and much of the progress outlined had appeared to be already under way. By mid-July, U.S. beef producers will have broader access to Chinese markets, while America will move forward on allowing the import of cooked poultry from China, according to a joint statement announcing the deal. The impact of this change on the USA poultry industry is uncertain, but Ross said it would not be severe. Beijing announced last fall that it would be lifting the ban - which represents a huge new export opportunity for USA producers - but Chinese officials have since delayed negotiating specific terms required before imports can be permitted to enter the country.

"Further the China's National Biosafety Committee (NBC) is to hold a meeting by the end of May 2017 to conduct science based evaluations of all eight pending United States biotechnology product applications to assess the safety of the products for their intended use", he said.

"China can't develop herds to meet the demand that's developing", said David Mahon, managing director of Mahon China Investment Management, a Beijing-based private-equity firm.

The agreement covers 10 areas where trade negotiators from the US and China have reached consensus, including agricultural trade and market access for financial services.

China had allowed cards with the logos of both UnionPay and a foreign payment company to be issued, but ordered banks to stop doing so in fall 2016.

In return, Washington has acknowledged the importance of China's Belt and Road Initiative to create a connected series of trade links spanning Asia and Europe.

On Friday, when asked whether the trade talks with the United States were related to North Korea, Zhu said economic issues should not be politicized.

Natural gas exports may move the needle a little more but China's total imports of the fuel are still quite small, worth about $17 billion a year ago, he added. The relationship has also frayed over Chinese chip makers' challenges in stepping up investment in the US and USA accusations of Chinese hacking and other cybersecurity concerns.

On the USA concession to allowing cooked poultry from China to enter the States, Ross said the US will be "realizing China poultry exports as soon as possible".

Ross did not say when the agreement would take effect and added the agreement would also be dependent on China complying with all USA standards.

While the 10-point agreement is mainly about China's promises to open its market wider to USA firms and buy more of their products, Washington has also promised to facilitate Chinese bank entrance into the United States market and to allow sales of cooked poultry products.

China's Premier Li Keqiang, days after the Xi-Trump summit, suggested that restoring USA beef imports could be linked to a US opening for Chinese chicken exports.

The Trump administration has given the go-ahead for a handful of proposed U.S. LNG ventures to ship their fuel to countries without free-trade agreements, such as China.

The countries' statement also included a goal of opening China's market in electronic payments.

The United States ran a trade deficit of $347 billion with China previous year, U.S. Treasury figures show.

It also includes a provision to allow USA card payment services such as Visa and Mastercard to begin operating in China, which until now has been dominated by the Chinese-owned UnionPay system. MasterCard's spokesman Venture Liang said it looked forward to "full and prompt market access in China".

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