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Thread: U.S., China close out 'highly successful' economic talks

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[quote=MARRIE,296726]source:
http://www.usatoday.com/money/economy/trade/2008-06-18-china-annapolis_N.htm

By David J. Lynch, USA TODAY

WASHINGTON — The United States and China concluded two days of high-level economic talks Wednesday agreeing to negotiate a new investment treaty and expand cooperation on energy projects.
Treasury Secretary Henry Paulson hailed the modest outcome as "creating a foundation" for future gains. The head of the Chinese delegation, Vice Premier Wang Qishan, labeled the talks "highly successful."

Briefing reporters at the talks' end, the officials said they agreed to begin negotiating a bilateral investment treaty like those the U.S. maintains with several other countries. Such treaties typically provide investors protection against having their assets seized, including the right to appeal disputes to an international arbitration panel, U.S. officials said.

The two sides have been conducting preliminary discussions on such a treaty for 17 months, though no deal is expected before the November election. And Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, wrote Paulson citing "serious concerns" over a potential accord given Chinese trade practices that have swollen the U.S. trade deficit.

U.S. investors covet such an agreement because they see it as a way to further open the Chinese market.
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