U.S., China Make Breakthrough On Tech-trade Deal
The U.S. and China have made a breakthrough in talks to eliminate duties on a broad range of technology products, reports quoted U.S. Trade Representative Michael Froman as saying Tuesday. The talks were meant to pave the way for an update to the 16-year-old Information Technology Agreement, with Reuters saying the U.S. previously believed China had been stalling on entering into the multinational pact by asking for too many exemptions. An updated deal could cover some $1 trillion in trade with China, including semiconductors, medical and navigation devices, among others, The Wall Street Journal said, adding that a final ITA agreement including China could be ratified in December. The talks took place on the sidelines of the Asia-Pacific Economic Cooperation forum in Beijing, which concludes Tuesday.
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