US-China CEO's Dialogue held in Washington

The US Chamber of Commerce (USCC) and the China Center for International Economic Exchanges (CCIEE) co-hosted the 5th US-China CEO and Former Senior Officials' Dialogue from October 21 to 22, 2013 in Washington, DC.

The US and Chinese representatives reviewed the achievements of the previous four Dialogues and held in-depth discussions regarding the state and future of the US and Chinese economies, the health of the global economy, and the potential for two-way trade and investment liberalization via bilateral, plurilateral and multilateral agreements. In particular, participants engaged in detailed discussions regarding the potential significant benefits and challenges associated with a United States–China Trade and Investment Agreement.

Participants underscored the vital importance to both countries and the world of the bilateral economic and commercial relationship.

They agreed that the rapid development of economic and trade relations between China and the United States has brought tangible benefits to both peoples and economies and has long been the anchor of the broader bilateral relationship.

Participants reaffirmed their unwavering commitment to work vis-à-vis both governments through the US-China CEO and Former Senior Officials' Dialogue to promote a more positive, mutually beneficial relationship and set out greater ambition for deepening and strengthening economic and commercial ties.

In that regard, participants affirmed their strong desire to work toward the initiation of US-China Trade and Investment Agreement negotiations.

Participants acknowledged that the United States and China each face different economic conditions. They also agreed that the launch of US-China Trade and Investment Agreement negotiations could create unique economic and political challenges for both countries. They affirmed, however, that trade and investment liberalization achieved under a US-China Trade and Investment Agreement would promote and enhance economic growth, job creation and economic reforms within both countries.

They further agreed that a US-China Trade and Investment Agreement would be consistent with and support some of the top policy priorities of each country's leadership, notably the rebalancing of their economies: China in the direction of more consumption and services, the United States in the direction of more investment and exports.

Participants underscored that a US-China Trade and Investment Agreement could also enhance trust in the economic relationship, strengthen bilateral economic ties, and expand mutually beneficial two-way trade and investment, to the benefit of the two countries and the global economy.

Representatives therefore agreed that the launch of negotiations by the two governments at an appropriate time would be of great significance and importance to advancing the healthy development of US-China economic relations.

Participants agreed that both countries should embark on step-by-step efforts toward the launch of US-China Trade and Investment Agreement negotiations, consistent with vision and goals of the US-China Strategic and Economic Dialogue.

Representatives called on their governments to work together, prior to launching negotiations on a US-China Trade and Investment Agreement, to seek ways to achieve significant further opening of trade and investment relations between the two countries. Representatives agreed that such steps can be building blocks toward a US-China Trade and Investment Agreement.

Participants agreed that a Doha Round Early Harvest Agreement at the upcoming WTO Ministerial in Bali, covering trade facilitation, agriculture and development, and championed jointly by the US and Chinese governments, would not only provide a solid foundation for the completion of the Doha Round, but also build confidence for increased US-China cooperation in future WTO, ongoing bilateral investment treaty (BIT), and future US-China Trade and Investment Agreement negotiations. In addition, participants voiced their hope that China and the United States would work together to reach a commercially meaningful agreement that expands the WTO's Information Technology Agreement as soon as possible.