The U.S. and China have made a series of commitments that aim to foster and protect technology development efforts as well as business opportunities for information and communications technology providers in support of economic initiatives.
A White House release posted Sunday stated that the two countries will utilize monetary, fiscal and structural policy tools for efforts to drive economic growth.
The countries said they will not support policies or practices that obligate the transfer of intellectual property rights or technology in order to authorize business in order to promote innovation.
The U.S. and China also commit to non-discriminatory ICT security measures that observe international norms and do not prevent commercial sales opportunities for foreign providers of ICT products and services, according to the statement.
The two countries will further implement a memorandum of understanding between the Commerce Department and its Chinese counterpart to jointly support trade and investment group exchanges as well as related promoting activities, the release added.
Other initiatives mentioned in the joint statement include the planned Bilateral Investment Treaty, a memorandum of understanding on subnational trade and investment cooperation, China’s supply-side structural reform and economic reform programs and the reaffirmation of the G-20 exchange rate commitments.