Latest laws Helping good people to do good things.August 19,2017:
Their Annual trade in goods and services is worth about US$ 663 billion.
The US Trade Representative Robert Lighthizer has formally initiated an investigation of China’s Intellectual Property Practices under the Section 301 of the Trade Act of 1974, which will seek to determine if America’s largest trading partner has been engaging in the unfair practices.
Lighthizer stated that,”After consultion with the stakeholders and the other government agencies, I have determined that these critical issues merit a thorough investigation. I notified President that today I am beginning an investigation under the Section 301 ,Trade Act of 1974″.
China is the America’s largest trading partner, with the annual trade in goods and services worth about US$ 663 billion.
In a memorandum on August 14,2017 President Donald Trump had directed USTR to do so.
Memorandum has paid emphasis on,”US is a world leader in the research-and-development-intensive, high-technology goods,and that violations of the intellectual property rights and the other unfair technology transfers potentially threaten US firms by undermining their ability to compete fairly in global market.”
Memorandum further states that China’s conduct,”may inhibit the US exports, deprive the US citizens of the fair remuneration for their innovations, divert the American jobs to the workers in China, contribute to our trade deficit with China, and otherwise undermine the American manufacturing, services, and the innovation.”
According to the USTR, Chinese Govt. reportedly uses a variety of tools, including the opaque and the discretionary administrative approval processes, the joint venture requirements, the foreign equity limitations, procurements, and the other mechanisms to regulate or intervene in the US companies’ operations in China, in order to require or pressure transfer of the technologies and the intellectual property to Chinese companies.
Secondly, Chinese Govt’s acts, policies and the practices reportedly deprive the US companies of ability to set market-based terms in the licensing and the other technology-related negotiations with the Chinese companies and undermine the US companies’ control over their technology in China.
Source – New Indian Express