U.S. Treasury Secretary Steven Mnuchin leaves the G-20 Finance Ministers and Central Bank Governors' meeting at the International Monetary Fund and World Bank's 2019 Annual Spring Meetings, in Washington, April 12, 2019.
A group of finance ministers is working on a $10 billion package of trade finance that could be made available to help Venezuela out of its economic and humanitarian crisis once a new government is put in place, U.S. Treasury Secretary Steven Mnuchin said on Saturday. -China trade agreement would go "way beyond" previous efforts to open China's markets to US companies and hoped that the two sides were "close to the final round" of negotiations.
Since January, shuttle diplomacy between Washington and Beijing to resolve their nine-month trade war has dragged on longer than officials had expected.
Mnuchin said officials in Washington and Beijing held a round of telephone talks last week, with more planned for the coming week, and are discussions on whether further in-person meetings are required.
The United States is seeking sweeping changes to China's economic and trade policies, including new protections for USA intellectual property, an end to forced technology transfers and cyber-theft of trade secrets.
"We are making progress, I want to be careful. This is not a public negotiation ... this is a very, very detailed agreement covering issues that have never been dealt with before", Mnuchin said.
Among the issues under discussion are USA demands that China open more sectors of its economy to foreign and United States firms.
"So this is way beyond anything that would have looked like a bilateral investment treaty".
And a clause was included in the revised free trade pact with Mexico and Canada, dubbed United States-Mexico-Canada Agreement (USMCA).
Mr Mnuchin called the agreement under negotiation "the most significant change in the trading relationship in 40 years", adding that it would have "real enforcement on both sides".