China and the United States agreed on Monday to establish a working group to “seek solutions on trade and investment issues and promote US commercial interests in China,” the US Commerce Department official said.
US Commerce Secretary Gina Raimondo and her Chinese counterpart Wang Wentao agreed during a meeting in Beijing that “the working group will meet twice a year at the vice-ministerial level, with the US hosting the first meeting. in early 2024,” according to the report. Department of Commerce.
Gina Raimondo considered it “extremely important” that the United States and China have stable and peaceful trade relations.
700 billion dollars in trade
The two main economic powers in the world have been trying to ease bilateral tensions for several months.
“We share 700 billion dollars in trade […] It is extremely important that we have stable economic relations,” he told his interlocutor, according to a report from his supervising ministry.
“It’s a complicated relationship, a difficult relationship,” he said. “Of course we will disagree on some issues, but I think we can move forward if we are direct, open and pragmatic.”
Tensions between the two countries have risen in recent years over a variety of issues, including trade, technology, US military support for Taiwan, Beijing’s presence in the South China Sea and its relationship with Moscow.
“There is no room for manoeuvre”
Among the main disagreements are trade restrictions imposed by the United States on the export of certain American products, particularly high-tech ones, to China.
Washington considers them crucial to preserving its national security. But Beijing believes that its main objective is to curb its economic growth and development.
During a visit to Beijing last month, Janet Yellen, US Secretary of State for the Treasury, tried to reassure Chinese authorities about multiple US restrictions.
Gina Raimondo told Chinese officials Monday that there was “no room for compromise or negotiation” on US national security.
But he also emphasized that “the vast majority of our business and investment relationship has nothing to do with issues of national security.”
“We believe that a strong Chinese economy is a good thing,” he also tried to reassure.
US climate envoy John Kerry visited China in July.
As for the head of US diplomacy, Antony Blinken, he had visited Beijing the previous month, the highest-level visit by a US official since 2018.
However, none of these visits led to any major breakthroughs.
Source: BFM TV
