US report highlights growth of trade with China since 2001

Imports and Exports | | MIC Customs Solutions |

A new report has highlighted the growth of the trade relationship between the US and China since the latter's accession to the World Trade Organization.

A new report from the US has highlighted the increasingly strong trade relationship the country has fostered with China in the last 14 years.

The Office of the US Trade Representative has presented its 2015 annual report on China's compliance with its World Trade Organization (WTO) obligations in Congress, in order to provide an update on status of China's policies and practices in the areas of trade and investment.

It was shown that since China acceded to the WTO in 2001 and began implementing the numerous commitments that it made, there has been a "dramatic" expansion in trade and investment among China and its numerous trading partners, including the US.

American goods exports to China have increased by 545 per cent since 2001, the figures suggest, while services exports have increased 733 per cent over the same period.

However, the US government has also noted that further progress is being pursued to ensure that China continues to honour its WTO commitments in areas such as intellectual property rights enforcement, the protection of trade secrets, as well as in terms of China's industrial policies and support for state-owned enterprises, services, agricultural policies and transparency.

Additionally, the Asian nation has made various trade and investment commitments through the US-China Joint Commission on Commerce and Trade and the US-China Strategic and Economic Dialogue to further strengthen its trade ties with the US.

The report concluded: "In 2016, the Administration will continue to vigorously pursue increased benefits for US businesses, workers, farmers, ranchers and service providers from our trade and economic ties with China.

"The Administration will use all available tools to achieve these objectives, including the pursuit of productive, outcome-oriented dialogue in both bilateral and multilateral settings, as well as the vigorous use of enforcement mechanisms, where appropriate."