With China being one of the largest economies in the world, it is no surprise that the United States has pursued free trade agreements with them. These agreements aim to reduce trade barriers between the two nations, leading to increased commerce and economic growth.
One of the most significant free trade agreements between the US and China was the China-US Bilateral Trade Agreement (BTA) reached in 1999. The agreement aimed to increase US exports to China by eliminating trade barriers, such as tariffs and quotas. The BTA was seen as a significant victory for the US, as it paved the way for China`s accession to the World Trade Organization (WTO) in 2001.
Following the BTA, the US pursued further free trade agreements with China, including the US-China Strategic Economic Dialogue (SED) in 2006. The SED aimed to promote economic collaboration between the two nations and address issues such as intellectual property rights and access to Chinese markets.
However, the US-China trade relationship has not been without its challenges. In recent years, tensions have risen due to concerns over intellectual property theft, market access, and the trade deficit between the two nations. This has led to the imposition of tariffs by both parties, which has had a significant impact on the global economy.
Despite the challenges, free trade agreements with China remain an essential part of the US economic strategy. China is a vast market with great potential for US exports and investment, and continued collaboration between the two nations will be critical for long-term economic growth.
In conclusion, free trade agreements with China have been a fundamental part of the US economic strategy for many years. While challenges have arisen, the potential benefits of increased commerce and economic growth make continued collaboration between the two nations vital.