The fourth session of the US-China Strategic Economic Dialogue (SED) made important progress on issues that are vital to both countries, the US-China Business Council (USCBC) said Wednesday.

"The SED has become a vital forum to ensure that US interests are addressed in our relationship with China," USCBC President John Frisbie said in a press release obtained by Xinhua.

"For instance, this week's meetings focused on cooperative efforts on energy and environmental issues – two topics that the US and China have huge stakes in getting right so that future generations can continue to prosper," he said.

The 4th SED was held in Annapolis, Maryland, on Tuesday and Wednesday. In addition to energy and environmental initiatives, the two countries announced the launch of negotiations for a bilateral investment treaty (BIT).

"A high quality bilateral investment treaty with China would help reduce barriers to US companies doing business in China," the USCBC president said.

Frisbie said, "In addition, it would encourage Chinese companies to invest here in the US, creating jobs for American workers. We look forward to working with US negotiators on the specifics as the negotiations get under way."

The USCBC is the leading organization of US companies engaged in business with China. It co-hosted a dinner in honor of the Chinese delegation headed by Vice Premier Wang Qishan in Annapolis on Wednesday evening along with the National Committee on US-China Relations and the US Chamber of Commerce.

(Xinhua News Agency June 19, 2008)