China and the United States through new communication channels to discuss the dispute

According to a joint statement, the two sides established a working group composed of government officials at the deputy ministerial level and representatives of the business sector to seek solutions to specific trade issues.

This working group will hold meetings twice a year, while Minister of Commerce Wang Wentao and his US counterpart have agreed to meet at least once a year.

In addition, the two parties have launched a mechanism for exchanging information on export controls, which will operate in accordance with their respective laws.

Beijing and Washington also agreed that experts from the two countries would hold technical consultations on the protection of trade secrets and confidential trade information during the process of improving administrative licenses.

Local news agency Xinhua reported that these commitments arose from the meeting between Wang and Raimundo, who had “reasonable, frank and constructive communication.”

In the dialogue, the Chinese side emphasized that bilateral trade is the cornerstone of the relations between the two countries and affects the global economy.

“China is ready to work with the United States to create a favorable political environment for cooperation between the two countries’ business sectors and to promote bilateral trade and investment, while upholding the principles of mutual respect, peaceful coexistence and cooperation for mutual benefit,” Wang added. He said.

The headline voiced concerns about issues such as US tariffs on Chinese products, its policies on semiconductors, bilateral investment restrictions, discriminatory subsidies, and sanctions on Chinese companies.

According to Xinhua News Agency, the minister emphasized that popularizing the concept of national security is not conducive to normal economic and trade exchanges.

On the other hand, he indicated that unilateral and protectionist measures contradict market rules and the principle of fair competition.

Relations between Beijing and Washington are going through the worst moment in their history due to the US economic war and its interference in internal affairs such as the Taiwan issue.

The North American country currently imposes restrictions on 27 Chinese companies and the White House orders more limited investment in the semiconductor, microelectronics, quantum information technology and artificial intelligence sectors in the Asian giant.

NMR/ID