Companies on the ‘unverified list’ are barred from doing business with the US. For example, they need to apply for additional permits to purchase goods from US companies and institutions.
After proving who the end users of their products are, those companies are removed from the list. So the US was able to establish their “legitimacy and credibility”.
A number of companies and institutions from Indonesia, Pakistan, Singapore, Turkey and the United Arab Emirates were also listed, along with Chinese companies and institutions, including two universities and a few technology companies.
US Commerce Secretary Gina Raimondo will visit China later this month to ease tensions between the world’s two largest economies. Deregulation of corporate trade is seen as a helping hand ahead of the minister’s visit.
Raimondo is the fourth member of President Joe Biden’s administration to visit China since June. Earlier, Secretary of State Anthony Blinken, Treasury Secretary Janet Yellen and Climate Secretary John Kerry have already visited the country. So far, the visits have yielded some progress, but both sides see the talks as a positive step.
