U.S./China Maritime Agreement Signed

The U.S. Maritime Administration (MARAD) released the U.S./China Agreement on Maritime Transportation, signed yesterday. It also released the Memorandum of Consultations relating to the agreement. The agreement does not come into effect until the U.S. Federal Maritime Commission (FMC) rules favorably on the pending requests of Chinese carriers for partial relief from the Controlled Carrier restrictions and China takes steps to harmonize its processes in accordance with the agreement.