The U.S. and China signed a partial trade deal on Wednesday that takes steps to root out several practices by Beijing that has irked the White House and members of Congress from both parties.
"To me, the most significant part of this was what the U.S. was able to achieve on intellectual property," Clete Willems, a partner at law firm Akin Gump, told CNBC's "
He explained that the trade agreement's provisions to protect intellectual property would make a difference for many of the companies doing business in China. "They're going to have criminal penalties. They're going to have due process for the judicial proceedings. They're going to apply those penalties broader than they did in the past," Willems said, adding there are provisions about pharmaceutical patents and counterfeit goods in the trade pact.
It calls for China to submit an "Action Plan to strengthen intellectual property protection" within 30 days of the agreement taking effect. The proposal would include "measures that China will take to implement its obligations" and "the date by which each measure will go into effect."
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