China, US set for strategic economic dialogue
July 4, 2013, 8:05 am

Both sides will discuss agreements made during a recent summit held by the presidents of both countries, says China’s foreign ministry [Xinhua]

The dialogue will be co-chaired by Chinese Vice Premier Wang Yang, State Councilor Yang Jiechi, US Secretary of State John Kerry and Treasury Secretary Jacob Lew.

Both sides will discuss agreements made during a recent summit held by the presidents of both countries, and try to strengthen cooperation on bilateral issues and major international and regional affairs, said Foreign Ministry spokesman Qin Gang.

China and the US recently reached an agreement to work together towards reducing the fastest growing source of emissions, the hydrofluorocarbons (HFCs) used in air conditioners and refrigerators.

The White House said on its website that the deal made during the Chinese President Xi Jinping’s visit, could potentially reduce the equivalent of some 90 gigatons of carbon dioxide by 2050.

In a significant new development, China has recently signalled that it may consider joining the US-led talks for a free-trade pact known as the Trans-Pacific Partnership (TPP), although so far no official commitment has been made.

During President Jinping’s meet with Obama in California he asked the US leader to keep him updated on the talks’ progress.

With Japan, the world’s third-largest economy, on board, the final TPP pact would aim to cover nearly 40 per cent of global economic output and one-third of trade worldwide.

The US is expected to replace the EU as China’s largest trade partner this year, as China remains locked in serious trade disputes with the EU.

Meanwhile, US trade deficit rose to $45 billion in May, the largest trade gap since November, the US Commerce Department said earlier this week.

The US trade imbalance with China expanded to $27.9 billion, from $24.1 billion in April.

TBP with inputs from Agencies