American Insurance Association issues statements concerning China-US trade
The American Insurance Association has submitted comments to the Office of the U.S. Trade Representative and the U.S. Department of Commerce concerning the 2014 US-China Joint Commission on Commerce and Trade. The joint commission has been in place for some time, renewed between the two countries every year. The agreement between the U.S. and China is meant to promote trade while also protecting companies that operate in both countries. Guarding trade secrets, ensuring legitimate sales, and determining how government officials use certain types of vehicles that are produced in other countries is part of the joint commission.
Organization sees promise in trade between two countries
The American Insurance Association’s comments highlight the fact that China is a very valuable market when it comes to the property-casualty insurance sector. The organization notes that a more developed insurance sector will be a major benefit to China’s economy, accelerating growth and advancement. As the country’s property-casualty sector continues to mature, China is becoming a very popular subject among insurance companies in the U.S.
US insurers stand to gain from China’s maturing insurance sector
Many insurers stand to gain from the growth of China’s insurance sector. U.S. insurers could be tapped for their expertise in the property-casualty sector by their Chinese counterparts, leading to new international partnerships. U.S. insurers could also sell products and services to Chinese organizations, which would translate into significant success in some business segments over the long term.
Insurers want to see a more conducive trade atmosphere form between the US and China
The American Insurance Association is advocating the establishment of a more favorable trade environment between the U.S. and China. Over the past few years, tensions between the two countries have begun to grow. Trade disputes and other political issues have darkened the relationship between the U.S. and China, but the two countries remain committed to working with one another, especially on matters concerning trade and commerce. Insurers are interested in seeing this relationship become more beneficial to both countries as well as to the insurance industry as a whole.