The US and China have agreed to hold fresh trade talks next year, in spite of ongoing tension between the two superpowers, according to a statement by the US Department of Commerce.
The announcement follows a meeting on Wednesday between US President Joe Biden and his Chinese counterpart, Xi Jinping, on the sidelines of an Asia-Pacific Economic Cooperation (APEC) summit in San Francisco.
US Commerce Secretary Gina Raimondo had separate discussions with her Chinese vis-a-vis, Wang Wentao, on Thursday. During their meeting, the two officials reviewed the progress made by a trade issues working group and agreed to meet for a tête-à-tête in early 2024, the Commerce Department said in an announcement.
Technical discussions regarding the protection of trade secrets will also take place in January.
The world’s two largest economies are engaged in fierce rivalry on both the trade and geopolitical fronts. The United States is focused in particular on preventing China from gaining access to advanced technology, citing national security reasons, a move China criticises as damaging to its “legitimate interests.”
Secretary Raimondo had travelled to Beijing last August as part of a revival of dialogue between Washington and Beijing, culminating with the Biden-Xi summit on Wednesday.
Raimondo “further emphasised that national security protection was non-negotiable,” added the Commerce Department, assuring that export controls were not intended to impede China’s economic growth.
