Two days of meetings under the U.S.-China Joint Commission on Commerce and Trade (JCCT) resulted in agreements signed on several fronts, including a commitment by China to resume talks on beef trade.
USDA Secretary Tom Vilsack announced the two sides will return to the negotiating table on beef trade. "Technical talks will resume as soon as possible with the goal of re-opening China’s market in early 2011," Vilsack said in a statement. The U.S. will send a team to China for the talks in early 2011.
The Xinhua News agency reported China "reaffirmed that, in compliance with its own quarantine requirement, it will resume the import of American beef, deboned and bone-in, under the age of 30 months."
"We are very encouraged that China has committed to technical talks to address beef market access," said Patrick Boyle, head of the American Meat Institute. "Open trade between our nations is in our mutual best interest. The potential market for U.S. beef exports to China is significant."
The U.S. Meat Export Federation said that full access to China's beef market would be valued at $200 million.
Here's a link to Vilsack's statement.
Here's a link to AMI's release on the situation.