The United States and China have come to an agreement to establish enhanced communication channels focusing on economic and commercial matters. Commerce Secretary Gina Raimondo announced the pact, which includes the creation of a bilateral forum aimed at discussing export control measures. This forum intends to minimize misunderstandings surrounding national security policies and reduce tensions following the U.S.’s restrictions on exports of advanced semiconductors and equipment bound for China in the past year.
The accord was reached following a meeting between Raimondo and China’s Commerce Minister Wang Wentao, lasting for four hours. Raimondo emphasized that the dialogue doesn’t compromise national security matters but seeks to foster transparency and understanding. The inaugural session of the new forum, named “export control enforcement information exchange,” is scheduled for the next day and will feature high-ranking officials from both nations.
The visit marks Raimondo’s intent to strengthen commercial relations with China after a period of increased tensions. The Commerce Secretary’s discussions with over 150 companies highlighted the need for improved communication with China. Additionally, a new working group composed of government officials and business representatives will be established to address trade and investment concerns, with biannual meetings beginning in early 2024. The agreement also entails annual in-person meetings between Raimondo and Wang Wentao to maintain ongoing communication.
(Source: Yuka Hayashi | WSJ)
