The Commerce Department has received close to 260 requests from American corporations allowing them to re-establish trade relations with Huawei which is "more than we would've thought", reported the U.S official.
It's unclear exactly what sort of investment commitments would come of the initiative, described by the US government as an alliance of governments including Australia and Japan, companies and civil society "under shared standards" that would provide a "globally recognized seal of approval". Huawei repeatedly denied accusations that its tech is used for spying by the Chinese authorities, pointing out that Washington never provided proof to those claims. It first targeted Huawei in May for national security reasons, and last month added 28 more companies including artificial intelligence giants SenseTime Group, Megvii Technology and Hikvision.
"We also think it's important as a symbol of the U.S. commitment to being long-term environmentally sound", he added. Washington also restricted USA companies from selling technology to Chinese-owned Huawei, the world's biggest supplier of telecommunications equipment. Google was forced to cut off support for Huawei due to issues between the US and China, basically.
According to Bloomberg, U.S. President Donald Trump is eager to sign the trade agreement somewhere in the U.S. after Chile cancelled the Asia-Pacific Economic Cooperation summit due to local unrest.
Remember too with entity lists theres a presumption of denial.
According to United States government figures, trade with the region topped $US1.9 trillion in 2018 and helped support more than 3 million American jobs. He cautions that companies shouldn't assume that they will receive a permit, but he expects that "quite a few" will be approved.
"The Trump administration is extremely engaged in and fully committed to this region", he mentioned at a enterprise discussion board on the sidelines of the ASEAN assembly Monday.
Whether that would ease the larger US-China strategic rivalry is another issue.
In the short term, though, China's LNG needs are more modest as the nation is already well-supplied ahead of its peak winter demand season.
While there is no concrete time-frame for when these licenses are expected to come into action, this is certainly a positive development in the Huawei ban saga. "It's not a free trade agreement, it's not anything remotely like TPP, nor anything remotely like our separate arrangements with Japan and with South Korea. It's a very low-grade treaty".