On Thursday morning, a phone call between Chinese Commerce Minister Wang Wentao and his US counterpart Gina Raimondo was cited by a news agency; Bloomberg, they reported that the USA and China have agreed to push forward mutual links in trade and investment.
The ministers of the two countries have “agreed to promote the healthy development of pragmatic cooperation in trade and investment.” There were “exchanged views frankly and pragmatically on the relevant issues and mutual concerns,” stated in a statement by the Xi Jinping- led Chinese government.
For over years, the US-China relations were strained due to owing pinched economic ties, rivalry in the Pacific, suspicions over each other’s political intentions and global influence.
An attempt to bridge the hassled ties was done by a phone call between the commerce ministers of two countries today.
Two other such calls have been previously made this week, after the Chinese vice-premier, Liu He, spoke with US trade representative, Katherine Tai, and with the treasury Secretary Janet Yellen.
Gao Feng, the spokesperson for China’s Commerce Ministry said, “China has started normal communications with the US.”
The two countries have agreed to pragmatically solve the issues for producers and consumers, to promote stable economic and trade ties, said the spokesperson.
The Biden administration is committed to levelling the significantly imbalanced trade ties with China.
Meanwhile, the US trade representative said that there were certain parts of the relationship between the two countries that were unhealthy and had been damaging the US economy over the time.
According to the news agency, “The investors and market analysts are keeping a close watch on the developments in the international sphere,” and without getting “overly excited” about the normalisation attempts just yet.
The USA and China are stepping up in economic and trade cooperation, which is true, and a positive step.
Any notable announcement and “game-changing decision” are yet to be made.