The United States and China are moving swiftly to establish an investment and trade committee to manage their trade conflicts.
U.S. Secretary of State Marco Rubio met with Wang Yi, a member of the Political Bureau of the Communist Party of China and Foreign Minister, in Manila, Philippines, on July 22, as reported by China's state-run Xinhua News Agency on July 23. The two foreign ministers were in Manila to attend the ASEAN Foreign Ministers' Meeting.
The Chinese Foreign Ministry stated, "Both sides recognized that the meeting was practical, positive, and constructive," adding that they agreed to implement important agreements reached by their leaders, enhance the role of political and diplomatic channels, and prepare for the next stage of high-level exchanges.
According to Bloomberg, Secretary Rubio told reporters after his meeting with Wang that he believes President Xi Jinping views a visit to Washington, D.C., very positively, and they discussed Xi's planned visit to the U.S. in September.
Rubio emphasized that the U.S. and China are moving toward establishing the investment and trade committee before Xi's visit, stating, "The investment and trade committee can yield substantial results."
The investment and trade committee was agreed upon by the leaders of both countries during their summit in May. The committee will serve as a permanent consultative body to manage and resolve economic conflicts between the two nations. The trade committee will oversee practical discussions on tariffs, exports and imports, and customs, while the investment committee will address U.S. investments in China and Chinese investments in the U.S. If both committees become operational, they are expected to lead to tariff reductions, easing of trade regulations, increased corporate investments, and a rise in trade volume.
Additionally, Rubio noted that he did not discuss the allegations of Chinese interference in the 2020 U.S. presidential election raised by former President Donald Trump during his conversation with Wang. Trump has claimed that China interfered in the election, but Rubio suggested that there is little likelihood of retaliatory measures against China regarding these allegations.
* This article has been translated by AI.
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