China and US should focus on what really matters

Despite thorny issues that often dominate the headlines, China and the United States are working closely on almost every major global issue. This cooperation is not only out of good will, but also on the fundamental interests of both countries and their shared responsibilities to the world.

The landmark expansion of the Information Technology Agreement (ITA) in July was the first major tariff-eliminating deal at the World Trade Organization in almost two decades. Because of this deal, about $1.3 trillion worth of IT trade will be conducted with zero tariff rate per year, benefiting numerous businesses, workers and consumers worldwide. This deal would not have been possible without a critical agreement between China and the United States last November and close coordination and cooperation between the two sides.

As each other's second-largest trading partner and the two most important trading countries in the world, what really matters to China and the United States is not who has the privilege to write trade rules, but how to write rules together with other countries in a bid to jointly promote open, transparent and rule-based economic cooperation that benefits all. Certainly a lot more can be done down the road.