China and US aim to finalize BIT in Obama鈥檚 term
Print Edition
CHINA and the United States are finalizing text checks on a bilateral investment treaty and will formally exchange negative lists at the beginning of next year, Chinese Vice Finance Minister Zhu Guangyao said yesterday in Beijing.
The BIT negotiations are considered the most important issue in the two nation’s economic relationship.
Zhu underlined that the two countries sought a transparent investment treaty that was free of discrimination.
The two countries both wish to complete negotiations within Obama’s term, Zhu said at an economic forum in Beijing.
Talks on the treaty began in 2008 as both countries sought to increase mutual investment, which only accounted for a tiny share of their overseas investment.
Last year, bilateral trade volume increased to US$520 billion, and outstanding two-way investment rose to US$100 billion.
At last month’s summit, the world’s two biggest economies agreed to accelerate the BIT negotiations with the aim of agreeing the treaty’s core issues and major provisions by the end of this year.
Both countries agreed more resources were needed in the negotiation process to cement a comprehensive high-standard BIT, according to the Chinese foreign ministry.
The treaty is expected to cement the foundation of China-US economic ties and significantly benefit global trade, according to Zhu.
At the forum, Zhu also said China had noticed an American think tank’s proposal of a Sino-US free trade area, adding that China was open to suggestions that could benefit global economic integration and promote world economic growth.
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