Senior U.S. commerce and trade officials on Friday highlighted the importance of moving forward trade and investment cooperation with China at the upcoming high- level trade talks to be held in Chicago.
With the U.S.-China Joint Commission on Commerce and Trade ( JCCT) to be held from Dec. 16-18, the U.S. Commerce Secretary Penny Pritzker and U.S. Trade Representative Michael Froman will host the Chinese delegation led by Vice Premier Wang Yang to discuss key issues including foreign direct investment, travel and tourism, and excess capacity.
The goal of the JCCT is to build upon President Barack Obama's recent visit to China and meetings with President Xi Jinping when they agreed to deepen economic ties and enhance bilateral engagements, Pritzker told reporters during a conference call.
"For the first time, we are hosting this in Chicago. We've chosen a location outside of Washington as part of our effort to reimagine and reinvigorate the JCCT," she said.
Froman said during the conference call that the future of bilateral relationship will depend on building mutual interest and respect through unlocking opportunity, expanding trade, creating a level playing field for businesses, and lowering barriers to investment.
It also means having candid conversations about areas where we disagree and putting creative, bold ideas on the table to try and bridge those differences, he said.
"The JCCT has been a valuable tool for helping in both regards, both building mutual respect and pursuing mutual interests," he added.
Launched in 1983, the JCCT plays an important role in promoting China-U.S. economic cooperation and addressing trade issues.