The US and China are to establish a new working group to discuss trade tension in the latest effort by President Joe Biden's administration to improve relations with America's biggest economic competitor.
US Commerce Secretary Gina Raimondo and China's Commerce Minister Wang Wentao reached an agreement in Beijing on Monday.
The working group will “seek solutions on trade and investment issues and to advance US commercial interests in China”, the US Commerce Department said in a readout.
It said the working group would meet twice a year.
The US and China also agreed to establish an “export control enforcement information exchange” that would aim to clear up misunderstandings of “US national security policies”.
Ms Raimondo also plans to hold annual meetings with Mr Wang.
“We share $700 billion of trade and I concur with you that it is profoundly important that we have a stable economic relationship,” Ms Raimondo said in a separate readout.
Mr Wang described the US-China relationship as complicated and challenging, but expressed optimism that progress could be made if the two sides were “direct, open and practical”.
Ms Raimondo arrived in China on August 27 and will remain until August 30. Trade relations between the countries had been a point of tension between Washington and Beijing.
Mr Biden this month signed an order barring US investment in China's technology sector that his administration characterised as a national security action.
He also hosted the leaders of South Korea and Japan at Camp David, where they agreed to military, technological and health co-operation aimed at countering Chinese influence in the Indo-Pacific region.
The US has sent several high-ranking officials to China in recent months to help ease tension.
Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and presidential climate envoy John Kerry all met Beijing officials after relations soured over the previous 12 months.
Mr Biden may meet Chinese President Xi Jinping in September at the G20 summit in New Delhi.
The two leaders could also meet in November at the Asia-Pacific Economic Co-operation forum in San Francisco.
Agencies contributed to this report
Wonka
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
Company%20profile
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Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
