14 February 2012 22:42 [Source: ICIS news]
WASHINGTON (ICIS)--The US and China on Tuesday promised to pursue a more balanced trade relationship and bilateral investments, but chemical industry officials urged stronger US action against Beijing’s alleged theft of American technology.
Obama only hinted at multiple allegations from US businesses and Congress about Chinese theft of
In a joint statement issued after Obama and Xi met at the White House, the two nations said they “commit to take comprehensive policy measures to achieve more balanced trade and expanded investment in each other’s economies”.
The World Trade Organisation (WTO) recently ruled that China has been illegally restricting exports of its raw materials, and the US intelligence community has charged that Beijing has been conducting a broad campaign of industrial espionage against US firms.
“The Obama administration should take advantage of Vice President Xi’s visit to directly press his government to do more to crack down on intellectual property theft,” said Bill Allmond, vice president for government and public relations at the Society of Chemical Manufacturers and Affiliates (SOCMA).
Allmond noted that 70% of the world’s intellectual property assets are held within the
US officials recently charged that high-ranking
Allmond said that the theft of trade secrets from American chemical manufacturers is not new, and that major
“Small specialty manufacturers that operate facilities only in the
He said that the threat of industrial espionage for
Allmond noted that for small specialty chemicals producers in the
Xi's visit to the US is seen as particularly important because he is expected to succeed Chinese President Hu Jintao next year.
($1 = €0.76)
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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