Session Marks 25th Anniversary of Talks
Washington, D.C. (September 15, 2008) — American Council of Life Insurers (ACLI) president and CEO Frank Keating commends U.S. Trade Representative Susan C. Schwab and U.S. Secretary of Commerce Carlos M. Gutierrez for hosting the 19th session of the U.S.-China Joint Commission on Commerce and Trade (JCCT). This session marks the 25th Anniversary of the JCCT, which is an important dialogue for addressing bilateral trade issues aimed at expanding trade opportunities between the U.S. and China.
“The JCCT is an important, ongoing tool that has brought about great improvements in the trade and economic relationship between the U.S. and China since its inception 25 years ago,” said Keating. “The continued bilateral dialogues are essential to removing the barriers U.S. life insurers face when attempting to conduct business in China.”
“The Chinese economy, which is the world’s third largest and fasted growing, offers U.S. life insurers a fertile marketplace for conducting business. Unfortunately, barriers remain that place ACLI member companies at a competitive disadvantage to their Chinese counterparts. We are hopeful that progress will be made thanks to the continued efforts and support of U.S. government policymakers,” Keating said.
“ACLI applauds the work of USTR Schwab and Commerce Secretary Gutierrez in advancing the JCCT and urges the next administration to continue high-level, bilateral trade talks with China,” he said.
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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 353 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 93 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.