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Washington and Beijing have agreed to hold semiannual talks with the aim of resolving disputes and pushing for reforms, according to a report by the Wall Street Journal which cited people familiar with the matter.
The talks will be separate from the ongoing trade deal negotiations and revive an old format that current U.S. trade officials had previously derided, according to the WSJ.
Vice Premier Liu He is due to sign an initial “phase one” trade deal with the U.S. next week and he will visit Washington on Jan. 13-15, Beijing said on Thursday.
A spokesperson for the Treasury Department said in a statement that the “phase one” agreement will include a dispute resolution chapter.
“In order to implement the Agreement there will be at least bi-annual meetings between Ambassador Robert Lighthizer and Vice Premier Liu He. Secretary Mnuchin will continue to assist Ambassador Lighthizer in this process,” the Treasury said.
Secretary Mnuchin will also have economic meetings on macro-economic issues on a regular basis. These meetings will include Vice Premier Liu He, People’s Bank of China Governor Yi Gang, as well as Federal Reserve Chair Jay Powell.
(Sources CNBC and WSJ)