Many of the agreements, including those of JD.com, were non-binding memorandums and not legally enforceable contracts. As part of its agreement, JD .com has committed to import a total of $200 million in Montana beef from companies of the Montana Stockgrowers Association (MSGA) for online sales to Chinese consumers. It may also be important to consider the difference between “exports” and “sales.” According to the report, beef exports increased by 118% compared to 2019. It goes on to note that “cumulative beef sales in China in 2020 were more than 25 times higher than in the same period in 2017. But sales are not necessarily the same as exports, because purchase obligations do not always pass. Here is an illustration from a recent Washington Post story: “Both sides see progress and are committed to taking the necessary steps to ensure the success of the agreement,” the U.S. Trade Representative`s Office (USTR) said in a statement after what it described as a regularly planned call. The Phase 1 Economic and Trade Agreement contains a chapter on intellectual property that strengthens the protection and application of intellectual property in China. On January 15, 2020, the United States and China signed a historic and binding agreement on a Phase 1 trade agreement. The agreement requires structural reforms and other changes to China`s economic and trade regime. The United States and China have reached a historic and binding agreement on a first-phase trade agreement, which requires structural reforms and other changes to China`s economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, currency and currencies. The Phase One agreement also provides for China to make significant additional purchases of goods and services in the United States in the coming years.
It is important that the agreement creates a robust dispute resolution system that ensures timely and effective implementation and implementation. The United States has agreed to substantially amend its customs measures in accordance with Section 301. “This China-phase-one agreement is proof that President Trump`s negotiating strategy is working. While It took China a long time to recognize that President Trump was serious, the deal is a great success for the economy as a whole.