China’s ZTE Signs US Agreement to put itself Back in Business
ZTE Corp, China's leading telecommunication equipment maker has signed an agreement in principle that would lift a US Commerce Department ban on buying from US suppliers, as informed from the sources.
ZTE had to cease its major operations post a seven-year ban imposed on the company in April when it breached the 2017 agreement and was caught shipping goods illegally to North Korea and Iran.
The U.S. action which was first reported earlier in March had turn devastating for ZTE as China’s second-biggest telecom equipment maker relied heavily on U.S companies such as Qualcomm and Intel for up to a third of its components.
While ZTE has refrained itself from commenting on the matter, a commerce department spokesperson has said that "no definitive agreement has been signed by both part...