Beijing, July 29: The United States and China have reached a deal which envisages stronger mutual cooperation in the promotion of free trade and the fight against climate change.
The document was signed in Washington, DC on the second day of bilateral talks between US Treasury Secretary Timothy Geithner and Chinese Vice Premier Wang Qishan.
The two sides also discussed ways to curb protectionism amid the global economic downturn.
Washington said it is trying to get China to reduce its reliance on exports to the US.
The US wants Beijing to encourage more domestic consumption to boost growth.
In return, the US is offering to back a stronger position for China in global forums.
China also has voiced its concerns about the dollar’s role in the global financial system.
In addition, Beijing believes that industrialized countries bear a greater responsibility for addressing climate change, while the US wants China and other emerging powers to make efforts to limit the growth of emissions.
“Today, we will discuss governance reforms to help the IFIs (international financial institutions) be more representative of dynamic emerging economies, as well as strengthen their capacity to prevent future crises,” Geithner said.
—-Agencies