CHICAGO: China promised on Thursday to speed up imports of pharmaceuticals and medical devices from the United States and enforce its anti-monopoly laws equally among Chinese and foreign companies.

Those commitments were announced at an annual trade meeting between the two countries that took place in Chicago.

An assistant minister of commerce, Zhang Xiangchen, told reporters China would work to streamline the review and approval process for US products in the pharmaceutical and medical industries and address a backlog within two to three years.

“We will also reduce as much as possible needless clinical trials,” he said through an interpreter.

Topics at this year’s US-China Joint Commission on Commerce and Trade also included protection of intellectual property and trade secrets as well as ensuring there’s a level playing field for US companies in China.

The yearly gatherings are meant to resolve disputes before they disrupt trade. The American side was led by US Commerce Secretary Penny Pritzker and US Trade Representative Michael Froman. Pritzker said China’s promises in the medical and pharmaceutical areas “should lead to (an) increase in US exports and US jobs in these two important sectors.”

She also called Chinese movement on antitrust laws “significant.” She and a panel of Chinese officials, who spoke separately, provided few details.

Business groups have expressed concern about a wave of Chinese anti-monopoly investigations, suggesting Beijing is improperly using those probes to pressure foreign companies to cut prices or change business practices.

Mentioning one specific step, Zhang said China would try, when possible, to allow US legal counsel for American companies to attend meetings in antitrust proceedings.

Published in Dawn, December 20th, 2014