A US biogenetic company said Wednesday that it has reached an agreement with partners in China to market and sell traditional Chinese medicine worldwide.

Under the agreement, American Biogenetic Sciences (ABS), a research and development company, will have the opportunity to select herbal products and components from its Chinese partners' vast array of traditional medicine products, components and extracts for sale worldwide.

According to ABS, sales for herbal medicines on a worldwide basis, of which Chinese traditional medicine is the fastest growing segment, are expected to reach $6.6 billion in retail sales by 2003, with an annual growth rate of over 20 per cent.

The Chinese partners include the Chinese Academy of Medical Sciences, the Institute of Medicinal Plant Development and a Beijing-based pharmaceutical company.

ABS said in a statement that the agreement would bring together the best of traditional Chinese and Western clinical medicine in a marketing package of intense interest to the global consumer.

In an earlier agreement, ABS and the Chinese Academy of Medical Sciences will share technology for monoclonal antibody production.