The Electronic Transactions Association (ETA) said recently it is pleased with progress made in the signing of a Phase One trade deal with China.
The agreement includes a provision that resolves a long-standing issue about access to the Chinese market by American payments companies that apply to operate in China. The language sets forth timelines for China to review and accept an application from a U.S. electronic payments services supplier.
“The Phase One trade deal represents significant positive progress towards the resolution of several issues currently impacting American payments technology companies who want to operate in China. ETA thanks the Trump administration and the government of China for their work on these issues,” said Jodie Kelley, CEO of the ETA, in a statement.
Kelley noted provisions that establish regulatory approval timelines for American payments technology companies who ask to do business in China will create certainty and promote competition for American companies to provide their products and services to Chinese consumers.