U.S., China reaffirm trade commitment

U.S., China reaffirm trade commitment    China's Minister of Commerce Chen Deming was in Washington on Monday to meet with his counterparts at the U.S. Commerce Department and Office of the U.S. Trade Representative.
   Chen spent an hour with Commerce Secretary Gary Locke. Chen and Locke reaffirmed the commitment of both governments to build a 'positive and cooperative relationship to strengthen trade and create jobs' in the United States and China.
   With U.S. Trade Representative Ron Kirk, Chen discussed the use of the Joint Commission on Commerce and Trade to resolve bilateral trade issues wherever possible. They also discussed the World Trade Organization Doha Round and the importance of achieving a successful outcome.
   'Particularly during the current difficult global economic circumstances, both the United States and China have a tremendous stake in maintaining a vibrant, open international trading system to revive and sustain growth,' Kirk said in a statement. 'With the size and importance of our bilateral trade flows, we also have a shared interest in ensuring that our bilateral trade relationship is fair, sustainable and mutual beneficial.'
   According to the USTR, China is the United States' second-largest goods trading partner with $409 billion in two-way goods trade in 2008, up 6 percent from 2007. China was the third-largest market for U.S. exports in 2008. Exports to China totaled $71.5 billion in 2008, up 9.5 percent over the previous year, and included electrical machinery, machinery, soybeans, aircraft and plastics. U.S. imports from China were valued at $337.8 billion in 2008, up 5.1 percent over 2007, and included electrical machinery, machinery, toys and sports equipment, furniture and bedding and footwear.