The trade representatives of China and the United States are going to end the years of intense negotiations bilaterally with a deal on Wednesday known as the phase one deal which is promising millions of dollar worth the agricultural purchases in agriculture and the beginning of the reforms for the longstanding practice in China of the forced transfer of technology.
With all the pomp and the circumstances expected at the signing ceremony of the deal and the assurances repeatedly form the negotiators of America, there are many who have still not been assured of what exactly is being agreed by these two nations.
On paper, there is an inclusion in the deal of an expansion dramatically of the exports of seafood, agriculture and food from the United States as well as the agreement by their Chinese counterparts to end their practice of pressuring or forcing the foreign companies of transferring their technology to the companies in China as per a document of trade representatives in United States.
The trade representative has further said that the deal is reiterating the opposition of United States to the manipulation of currency and China’s commitment for buying a minimum of $200 billion worth of exports from United States which include the goods which have been manufactured along with the food, energy products, agriculture and more services.
The estimated value of the goods by the industry as per the administration is going to be including close to $80 billion worth of manufactured goods and $32 billion of agricultural goods and $35 billion worth of services and $53 billion in the energy.
The authorities said that they went through a translation process which according to them was extremely technical.