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FACTBOX-Details of U.S.-China trade agreement
May 12, 2017 / 3:28 PM / 7 months ago

FACTBOX-Details of U.S.-China trade agreement

CHICAGO, May 12 (Reuters) - The United States and China on Friday said they had agreed on steps to boost access to each other’s markets for key agriculture and financial products. The agreements were part of 100 days of trade talks that began last month. Here are 10 facts the U.S. Commerce Department released about the deal: China will allow U.S. imports of beef by July 16 at the latest. The countries will hold one more round of technical consultations before shipments begin.

The United States will publish a proposed rule on importing cooked poultry from China by July 16, with shipments to begin as soon as possible. China will evaluate eight pending U.S. biotechnology product applications by the end of May. For products that do not pass the evaluation, China will provide applicants a list of information necessary to finalize the safety assessment.

The United States will allow China to import U.S. liquefied natural gas. China will allow foreign-owned financial services firms to provide credit rating services.

The U.S. Commodity Futures Trading Commission will extend its current no-action relief to Shanghai Clearing House for six months. Further extensions of up to three years are possible. The relief is related to Shanghai Clearing House failing to register as a derivatives clearing organization.

China will issue guidelines and allow U.S.-owned suppliers of electronic payment services to begin the licensing process, which should lead to full market access. U.S. regulators will treat Chinese banks the same as other foreign banks. China will issue bond underwriting and settlement licenses to two U.S. financial institutions by July 16. The United States will send delegates to the Belt and Road Forum, an international meeting focused on economic cooperation, in Beijing on May 14 and 15.

Reporting by Mark Weinraub; Editing by Nick Zieminski

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