In particular, participants emphasized that liberalization of services trade offers a unique opportunity for deepening economic ties between China and the United States. Participants noted that services liberalization would benefit both countries, as China seeks to greatly increase the role of services in its economy in the context of a new development and restructuring strategy and the United States seeks the opportunity to expand its participation in a wide array of services activities in China.

Participants acknowledged that the launch of China Shanghai Pilot Free Trade Zone is an important economic development for China and a signal of its desire to pursue market-based economic reforms. They further agreed that if China continues to open further and implement in the Zone additional meaningful and deep reforms that are extended nationally, the Zone could serve as a platform to significantly increase opportunities for bilateral trade and investment and ultimately a US-China Trade and Investment Agreement.

Beyond the areas of trade and investment, participants agreed that both countries have shared interests and responsibilities in ensuring energy security and tackling common challenges. Participants expressed their support for enhanced cooperation, dialogues and information exchange on energy issues of shared concern.

Participants also called for both governments to enhance cooperation on climate change challenges and advance progress under the US-China Ten Year Framework for Cooperation on Energy and Environment in the areas of clean water; clean air; clean and efficient transportation; clean, efficient and secure electricity; and energy efficiency.

Participants acknowledged as well the critical importance of issues such as export controls, and cyber security and related issues. They called for further study as to how to address problems in these fields. All participants agreed that failure to effectively address these issues in the bilateral relationship could impede US-China relations.

Additionally, participants acknowledged the importance of cooperation agreements in agriculture and science and technology, and urged both governments to enter into such agreements as are mutually beneficial.

III. A pathway to the initiation of US-China trade and investment negotiations

Participants agreed that the initiation of US-China Trade and Investment Agreement negotiations at an appropriate time would not only be in the interest of both economies, but also send a positive signal to the world and thereby help to promote the stability and growth in the global economy.

Participants therefore agreed to undertake the following steps regarding a US-China Trade and Investment Agreement in advance of the sixth meeting of the Dialogue in China next year:

1. Participants agreed that the USCC and CCIEE, working through the US-China CEO and Former Senior Officials' Dialogue, will exercise leadership vis-à-vis their respective governments in advocating for launch of US-China Trade and Investment Agreement negotiations at an appropriate time.

2. Participants further agreed that the USCC and CCIEE would increase their research and information exchange on issues related to a US-China Trade and Investment Agreement, including research that evaluates the costs, benefits and impediments to an agreement and identifies a road map for initiating negotiations.

3. Participants agreed to call on their governments to extend and establish an enhanced dialogue under the May 2012 S&ED joint commitment to strengthen information exchange and joint research on the Trans-Pacific Partnership (TPP), Regional Economic Comprehensive Partnership (RCEP), China-ASEAN FTA, and other regional agreements, and to identify new areas of bilateral economic cooperation. They further agreed to call on their governments to support quantitative and qualitative analysis on areas of potential interim agreements, including those identified above.