The United States and China announced late Tuesday a series of trade agreements at the end of bilateral trade talks held in Yorba Linda, California. U.S. Commerce Secretary Carlos Gutierrez noted China's agreement to commit to a single set of standards on a range of health-care products and work more closely with the United States to prevent contaminated pharmaceutical ingredients. “That's going to save a lot of time and money” for U.S. companies, he told reporters. Gutierrez highlighted the public-safety benefits of the agreement on pharmaceutical ingredients following a series of tainted imported Chinese drug and consumer product recalls. Officials failed to reach agreement on China's ban on U.S. beef imports, imposed over fears of mad-cow disease. On another difficult trade issue - the flood of counterfeit Chinese goods such as watches, luxury clothing, and pirated video into the United States - Gutierrez said the two countries would sign two memoranda of understanding to improve copyright protection by the end of 2008. At the talks, Gutierrez and U.S. Trade Representative Susan Schwab hosted Chinese Vice Premier Wang Qishan, who heads his country's economic and trade affairs. Gutierrez noted that exports are “the key driver today” of the U.S. economy, which is battling a credit crisis and the worst housing slump in decades. Because China is “a significant investor” in the United States, Gutierrez said Wang “was also thinking through the implications, and he wants to make sure our relationship is on firm ground … because he has … a great stake in our success.” Wang, through a translator, called the one-day meeting a “candid and in-depth exchange of views.”
