Kuala lumpur: The US and China have initiated their economic and trade discussions in the Malaysian capital of Kuala Lumpur. Chinese state-run Xinhua news agency reports that the talks began on Saturday, with the Chinese delegation led by Vice Premier He Lifeng and the US delegation headed by Treasury Secretary Scott Bessent. The discussions are set to address significant issues related to China-US economic and trade relations, following the consensus reached during multiple phone calls between the two nations’ leaders earlier this year, as stated by the Chinese Commerce Ministry.

According to Anadolu Agency, this meeting is the fifth of its kind between the two sides. Previous talks were held in cities including Geneva, London, Stockholm, and Madrid. In a significant development in August, the US and China agreed to a temporary halt on tariffs until November 10. This agreement marks the third instance where such a truce has been reached since the US increased tariffs to 145%, which were subsequently reduced. In retaliation, China had increased its tariffs on US goods to 125%.

The trade talks are taking place against the backdrop of Malaysia hosting the Association of Southeast Asian Nations (ASEAN) summit from Sunday to Tuesday, providing a platform for further diplomatic engagements.