China, US commerce ministers agree to launch new dialogue

TOKYO, Aug 29 (KUNA) -- Chinese Minister of Commerce Wang Wentao and US Commerce Secretary Gina Raimondo have agreed to launch new communication channels between their commerce authorities, China's Ministry of Commerce announced early Tuesday.

While recognizing the importance of open and productive dialogue between the US and China in the economic and trade area during their meeting in Beijing on Monday, Wang and Raimondo announced new communication channels between the US Department of Commerce and Chinese Ministry of Commerce, the ministry said in a statement.
The two sides established a working group with US and Chinese government officials at both the Vice Minister and Director General levels and involving business representatives to seek solutions to specific commercial issues, the statement said, adding that the working group will meet twice a year at the Vice Minister level.
Wang and Raimondo also agreed to maintain regular communication and to meet at least once a year.
In addition, the two countries have launched an export control information exchange that serves as a mechanism for explaining respective export control systems and improving communication. Both sides will exchange information related to export control, in accordance with their respective laws.
The two sides also discussed and agreed that experts from both countries will hold technical consultations on strengthening protection for trade secrets and confidential business information in administrative licensing, according to the statement.
In the meeting, Wang expressed serious concerns over various issues, including the US Section 301 tariffs on Chinese goods, semiconductor policies, two-way investment restrictions, discriminatory subsidies, and sanctions targeting Chinese companies.
Wang said that the generalization of national security is not conducive to normal trade and economic exchanges, and that unilateral and protectionist measures, which are inconsistent with market rules and the principle of fair competition, will only harm the security and stability of global industrial and supply chains.
The ministry did not disclose what Raimond said in the meeting. According to the US commerce department, Raimondo emphasized the importance of ensuring open lines of communication between the US and China and took concrete steps to deliver on that goal.
She also reinforced Washington's commitment to taking actions necessary to protect US national security and reiterated the administration's "small yard, high fence" approach, underscoring that export controls are narrowly targeted at technologies that have clear national security or human rights impacts and are not about containing China's economic growth, the department said in a press release.
Raimondo arrived in Beijing on Sunday for a three-day visit. (end) mk.mt.