Memorandum of Understanding

 MEMORANDUM OF UNDERSTANDING
ON ESTABLISHING
CHINA PROVINCES AND US STATE OF IOWA JOINT WORKING GROUP ON
TRADE AND INVESTMENT COOPERATION

 

The Ministry of Commerce and Provinces of Hebei, Liaoning, Jilin, Heilongjiang of the People’s Republic of China and the State of Iowa of the United States of America (hereinafter referred to as the “two parties”), through friendly consultation, have decided to establish “China Provinces and State of Iowa Joint Working Group on Trade and Investment Cooperation” (hereinafter referred to as the “Working Group”), and reached the following understanding:

 Article I

The objectives of the Working Group are to strengthen communication, enhance trust, expand trade and investment cooperation, boost sustainable economic growth, and create jobs so as to realize common prosperity between the Two Parties.

Article II

The Working Group is, on the Chinese side, led by the Ministry of Commerce (MOFCOM), with Hebei, Liaoning, Jilin and Heilongjiang, as its members. The commerce authority in each of these provinces will be responsible for the coordination. The Iowa side is led by the State of Iowa, including the Iowa Economic Development Authority, Iowa Department of Agriculture and Land Stewardship as its members.  The Two Parties may take in more members under appropriate circumstances in the future based on mutual agreement.

Article III

The two Parties respectively designate the China Chamber of Commerce of Foodstuffs and Native Produce and Animal By-Products (CFNA) and Iowa Economic Development Authority as representatives of the business community to join the Working Group and assume the functions and responsibilities of the Working Group secretariat for daily communication, contact, information exchange, business project promotion and business activities organization.

Article IV

Other government bodies, chambers of commerce or business associations can be invited to certain activities based on mutual agreement of the Two Parties. 

Article V

The Two Parties will set up an annual meeting mechanism in the forms of video conference or meeting in person. The time, form, and place of each meeting will be decided by the Two Parties through consultation.  The annual meeting will be organized by the Working Group secretariat.

Article VI

The Two Parties are committed to creating an enabling business environment for companies and providing necessary assistance to businesses. Cooperation can be conducted in the following ways:

-          To exchange information on regular basis about trade, investment, and cooperation projects and exhibitions;

-          To organize exchanges of trade and investment promotion missions and help companies seek business opportunities;

-          To organize delegations of entrepreneurs to attend economic and trade events held in China and the State of Iowa;

-          To encourage exchanges of management experience on such areas as agriculture and finance between governments and between government and companies.

-          To encourage companies to conduct technical exchanges and cooperation.

-          To hold on regular basis annual seminars on trade and investment to introduce policy measures and hold business matching activities.

Article VII

The two parties will support companies to cooperate in the following key sectors:

-          Agriculture, including, but not limited to:  agricultural processing, agricultural machinery and manufacturing, precision agriculture, agriculture technology, farm management, supply chain management, food safety and food security.

-          Clean energy, including wind power, biofuels, and other energy related topics.

-          Transportation Infrastructure, including, but not limited to roads, bridges, river management,  ports, piers, railroad and  other related topics.

-          Biotechnology and bio-manufacturing, including new generation of chemicals and materials.

-          Environmental protection, focusing on preserving and protecting our natural environment.

-          Finance, including investment cooperation and asset management experience introduction and other related topics.

Article VIII

This MOU will enter into force on the date of signature and shall remain in force unless either of the Two Parties gives notice in writing of its intention to terminate this MOU.

Article IX

The Working Group mechanism established in this MOU shall work together with other established and future mechanisms between relevant Chinese provinces and the State of Iowa.

Article X

This MOU is done in duplicate in Des Moines, Iowa on June 4, 2014, in the Chinese and English languages, both texts being equally authentic.