The Association of Equipment Manufacturers (AEM) is among the signers of an agreement between the United States and China pledging cooperation to improve the US-Sino trade balance.
During a signing ceremony April 4 in Los Angeles, AEM Senior Vice President Al Cervero joined a select group of signatories that included China Vice Premier Madame Wu Yi and Los Angeles Mayor Antonio Villaraigosa.
Under the agreement, AEM will work with the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) on a variety of activities to promote US products to the Chinese marketplace. CCCME is a governmental body within the China Ministry of Commerce that makes trade policy recommendations.
The current agreement is based on a memorandum of understanding AEM and CCCME signed in 2003.
The April 4 ceremonies also included the signing of more than 25 contracts and agreements for China to buy $4 billion worth of products from US companies. Terex was among the signers, for a $150 million order of off-highway haul trucks. Event participants included a 100-plus member Chinese trade delegation on a multi-state tour organized by CCCME, which included a visit to Caterpillar in Peoria IL.