“This set of meetings, as many of the meetings that I’ve had in recent months have had this character to them, that there’s a renewed recognition and respect for the resilience of the American economy,” Lew said.
US business groups welcomed the agreement to resume negotiations, but warned that both sides still faced many other tough issues and that negotiations on a treaty could be lengthy. Any pact would need to be ratified by the US Senate.
“The US Chamber called for this last year as a pre-condition, and we are very pleased that both governments rose to the challenge,” said Myron Brilliant, head of international affairs at the US Chamber of Commerce.
US investors face barriers or ownership limits in about 90 Chinese sectors, while Chinese companies seeking to invest in the US often fear a political backlash in Congress or rejection on national security grounds.