Statement on the Trade Agreement With China

I am pleased that the United States and China today signed an agreement on intellectual property, culminating months of hard work by our negotiators and their Chinese counterparts.

This is a strong agreement for American companies and American workers. China will undertake immediate steps to crack down on piracy, enforce intellectual property rights, and provide more open access for U.S. exporters to the burgeoning China market. This agreement will eliminate practices that have cost Americans over $1 billion a year in high value exports. It will mean thousands of jobs for Americans in key industries, including computer software, pharmaceuticals, agricultural and chemical products, books and periodicals, and audio visual products.

U.S. action in China is part of the broader economic strategy of my administration to create high paying jobs for Americans. On behalf of U.S. workers, we have used every tool at our disposal to fight foreign barriers to competitive U.S. exports.

This new agreement also promotes broader goals in China. Greater respect for rule of law and greater access to intellectual property products both promote a more open Chinese society.