California Chamber of Commerce Applauds U.S. Senate Passage of Permanent Normal Trade Relations with China.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Sept. 19, 2000 The California Chamber of Commerce today applauded the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Senate for approving Permanent Normal Trade Relations Permanent Normal Trade Relations (PNTR) status is a legal designation in the United States for free trade with a foreign nation. In the U.S. the name was changed from Most Favored Nation (MFN) to PNTR in 1998. (PNTR PNTR Permanent Normal Trade Relations ) with China. The agreement is critical to realizing new opportunities for California companies in the opening Chinese marketplace, currently the state's 11th largest export market. Trade with China currently supports 30,000 jobs in California ports, farms, financial institutions and retail establishments, and with the passage of this agreement that number will undoubtedly rise. "By supporting PNTR with China, the Senate has given U.S. workers and businesses a competitive edge," said Allan Zaremberg, president, California Chamber of Commerce. "This historic agreement is especially important for California workers and businesses who will gain access to a huge, new consumer marketplace - one with 1.2 billion people -- who will want California-made products. "I am pleased that both of California's U.S. Senators voted in favor of PNTR, and against complicating com·pli·cate tr. & intr.v. com·pli·cat·ed, com·pli·cat·ing, com·pli·cates 1. To make or become complex or perplexing. 2. To twist or become twisted together. adj. 1. amendments that, while well-intentioned, would have likely doomed the chances for congressional approval of PNTR this year," Zaremberg emphasized. To secure passage of the agreement, the California Chamber helped coordinate efforts of the more than 600 local chambers of commerce in the state to urge Senators Feinstein and Boxer and local House representatives to support the agreement. The California Chamber has also been a key participant in a coordinated effort with 11 other business, agricultural and trade associations working for PNTR passage. By extending permanent normal trade relations to China, California will soon experience benefits such as: -- Zeroing-out tariffs on exporting California-made semiconductors, computers, telecommunications equipment and other information technology products by 2005. -- China's commitments on agriculture will include an end to cotton and rice export subsidies Export subsidy is a government policy to encourage export of goods and discourage sale of goods on the domestic market through low-cost loans or tax relief for exporters, or government financed international advertising or R&D. and increase import quotas Import quotas are a form of protectionism. An import quota fixes the quantity of a particular good that foreign producers may bring into a country over a specific period, usually a year. The U.S. government imposes quotas to protect domestic industries from foreign competition. , as well as tariffs on beef, poultry, citrus citrus Any of the plants that make up the genus Citrus, in the rue family, that yield pulpy fruits covered with fairly thick skins. The genus includes the lemon, lime, sweet and sour oranges, tangerine, grapefruit, citron, and shaddock (C. maxima, or C. grandis; also called pomelo). , almonds, wine, cheese and ice cream. -- Liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . of restrictions on foreign films, videos, and sound recordings, as well as cinema ownership and operation, will provide new opportunities for California's entertainment industry. The California Chamber is the largest broad-based employer representative in California. Membership represents one quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry throughout the state. The California Chamber also offers publications and services to help California businesses comply with both state and federal employment law. The California Chamber also promotes international trade and investment in order to stimulate California's economy and create new jobs. Please visit our website at www.calchamber.com. |
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