China and the United States agreed to start negotiations on a bilateral investment protection accord, senior officials from both countries said here Wednesday.
Visiting Chinese Vice Premier Wang Qishan and U.S. Secretary of Treasury Henry Paulson made the announcement at a joint press conference here in the Department of Treasury after the fourth round of Sino-U.S. Strategic Economic Dialogue, or SED.
While announcing the agreement on launching the investment accord talks, Wang said both sides also agreed during the SED to stick to the principal of free trade and investment facilitation and were committed to improve investment-friendly environment.
The two sides also exchanged views on issues of common interests such as the U.S. sub-prime mortgage loan crisis, global financial turbulence and intellectual property rights, he added.
Paulson said the conclusion of such an accord will "send a strong signal that our two nations welcome investment and will treat each other's investors in a fair and transparent manner."
"Our two governments will begin these negotiations soon," he added.
Wang and Paulson co-chaired the SED meeting as special representatives of the state leaders of the two countries in Annapolis, Md. between June 17 and 18.
The two sides signed a 10-year energy and environment cooperation framework after wrapping up the two-day talks.
Participants of the meeting include minister-level officials and other senior officials from the two governments.
The two-day discussions focused on five specific areas: financial and macro economic management, developing and protecting human capital, the benefits of trade and open markets, enhancing investment, and advancing joint opportunities for cooperation in energy and environment.
Source: Xinhua
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