The deal provides a comprehensive framework for continued peaceful nuclear cooperation based on a mutual commitment to nonproliferation.
The Congress has three months to decide on the proposal.
A statement released by the Whitehouse read: "The proposed agreement would obligate the United States and China to work together to enhance their efforts to familiarize commercial entities in their respective countries about the requirements of the Agreement as well as national export controls and policies applicable to exports and imports subject to the Agreement."
If approved, the agreement would lead to transfer of material, equipment (including reactors), components, information, and technology for nuclear research and nuclear power production.
However, the nations can transfer sensitive nuclear technology, sensitive nuclear facilities, and major critical components of such facilities only if the agreement is altered to cover such transfers.
Nuclear Energy Institute president and CEO Marvin Fertel said: "The US nuclear energy industry urges Congress to support renewal of the US-China Section 123 agreement.
"This cooperation easily can bring with it billions of dollars of US exports in goods and services, involve many US supply and sub-supplier companies across the country, and create tens of thousands of American jobs."
The US industry expects to benefit from China’s plan to develop up to 58GW of nuclear energy capacity by 2020, 150GW by 2030 and more by 2050.
The agreement will replace a deal signed in 1985 and due to expire at the end of 2015.
Image: US President Barack Obama seeks Congress approval for the proposed US-China nuclear cooperation agreement. Official White House Photo by Pete Souza/ Jatkins.
