Negotiations with the U.S. and China on a bilateral investment treaty have been moving slowly. The U.S. business lobby has expressed disappointment with the pace and China’s President Xi Jinping also expressed concerns during a recent visit to the U.S.
The U.S. Trade Representative’s office said the two countries have exchanged revised lists of sectors that would be off limits in an investment treaty, but no details were given. But the list seems to be going down from about 80 to about 40.
The Executive Vice President of the U.S. Chamber of Commerce said the commitment to the treaty is important due to the fragile state of the global economy, the economic slowdown in China and a growing distrust of China’s plans with U.S. business, especially in banking, agriculture and technology.
There are also concerns about technology theft through hacking and China’s proposed national security law that would restrict activities of business lobbies.
The U.S. also has an interest in China agreeing to license seven biotech projects, but does not seem interested in negotiating on it.
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