China and U.S. Emphasize Significance of Economic and Trade Relations

China and U.S. Emphasize Significance of Economic and Trade Relations

Beijing, The Gulf Observer: Chinese Vice Commerce Minister Wang Shouwen emphasized the pivotal role of economic and trade ties in stabilizing China-U.S. relations during his participation in the inaugural vice-ministerial meeting of the China-U.S. commerce and trade working group. Wang co-chaired the meeting alongside U.S. Deputy Secretary of Commerce Marisa Lago.

Wang, who also serves as China’s international trade representative, embarked on a diplomatic visit to the United States from April 2 to 5, upon the invitation extended by the U.S. authorities.

Addressing the gathering, Wang underscored China’s commitment to enhancing communication, expanding cooperation, and effectively managing differences through the collaborative efforts of the working group. He emphasized the importance of fostering a conducive environment for trade and investment cooperation between corporations of both nations.

Expressing concerns over various issues, Wang highlighted China’s apprehensions regarding the U.S. Section 301 tariff measures, relevant investigations, sanctions on Chinese enterprises, bilateral investment restrictions, trade remedy investigation rules revision, and perceived unfair treatment of Chinese companies.

In a joint effort to address mutual concerns and bolster trade relations, both sides agreed to maintain close communication with enterprises from both nations. They also pledged to support trade promotion events such as the China International Import Expo, China International Fair for Investment and Trade, and the China-California Business Forum.

Furthermore, China and the U.S. affirmed their support for collaborative initiatives in fields such as clean energy technology and women’s health. The two countries also committed to advancing trade facilitation measures and enhancing communication in export control.

In a bid to sustain the momentum of dialogue, Lago will lead a delegation to China in the latter half of 2024, reciprocating the invitation. During this visit, she will co-chair the second vice-ministerial meeting of the China-U.S. commerce and trade working group, further solidifying bilateral ties and fostering constructive engagement between the two economic powerhouses.

The Ministry of Commerce of China issued a statement on Friday, encapsulating the key agreements and outcomes of the meeting, signaling a collaborative and pragmatic approach to addressing bilateral trade challenges and fostering mutually beneficial cooperation between China and the United States.