Us-China Bilateral Trade And Relations Essay
The United States and China are becoming world’s two largest countries when compared with economy of the countries. The China is the largest developing country and United States is largest developed country.
The bilateral trade between the United States and China has developed since 1979 with rapidly, of course with imbalances. Their continuance is inevitably for global trading environment. These countries play main role in the future development of the world economy. The US-China relation is most important bilateral relationship, but trade deficit is growing with the ChinaThe economic relations are not so good between the two countries. Since the China is large and moreover it is rapidly growing and implementing economic reforms. The rapid development of China in to the global economy gave effect for high-income countries naturally, which includes United States.
The bilateral trade between United States and China shows the rapid trade surplus for China. The trade deficit is followed between these countries. US trade with China produced a $49. 7 billion which only $39. 5 billion in 1996.
The United States has recorded its largest bilateral trade deficits with China US$83. 8 billion in 2000 and US$ 83 billion in 2001, caused to trade dispute. The evaluation reveals that China laws and rules compliance with world trade rules. The china acknowledged its difficulties by performing the WTO related reforms.
Due to bilateral trade relations between the United States and China, the volume of trade between China and the United States scored more than 169. 6 billion U. S. dollars in 2004, which is more than 34% of the previous year.The Bilateral trades disputes between the United States and China involved the trade besides lack of protection of intellectual property rights in China.
China has commitment of protection of copyrights, patents and trade secrets by signing the US-China Bilateral Trade Agreement, 1979. With regards to the Textile, the China entered an agreement with the United States in relation to Textile Trade. It is year 3-year agreement imposes the quotas on Chinese Textile products in order to clear major obstacle to bilateral trade.The agreement removes obstacles in bilateral trade relations and it is mutually beneficial because both countries establish predictability and certainty. The beneficiaries will be United States Textile manufacturers, Textile workers, retailers and consumers and in respect of China, Chinese companies, manufacturers and exporters of textiles.REFERENCE1.
www. uschina. org 2. www. commecialdiplojacy. org 3.
www. highbeam. com 4. www. china. org 5.
www. bilaterals. org 6. www. nber. org