US may lift technology export curbs to bridge trade gap with China
22 May 2010
The United States is likely to overhaul its export policy by lifting controls on technology products, in a bid to boost sales to emerging economies such as China, India and Russia.
The US, weighed down by rising imports and falling exports, is exploring avenues to boost its stagnant exports. A policy shift in Washington is likely to lead to China and India acquiring some of the latest US technology, which is currently blocked over intellectual property rights concerns.
The US is apparently eying the potential market for high-technology goods in India and China, especially in the field of green energy.
"We are reviewing the entire list of our export control system as some of the protections and restrictions make very little sense," US secretary of commerce Gary Locke said in Beijing.
Export controls also do not make much sense for the US now as it is loosening controls over some commonly available high-tech goods.
"Currently, less than 1 per cent of US exports to China require a licence. Of those that do require a licence, 98 per cent are approved," China's official media quoted Locke as saying last night.