WEF Brende: US and China must show "flexibility" in trade talks

The president of the World Economic Forum is hoping for a breakthrough as the United States prepares to send a high-level delegation to Beijing this week for trade talks.

"I think that they Børge Brende, president of the World Economic Forum, told CNBC's Capital Connection on Sunday.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will meet Chinese Vice Premier Liu He in China on Tuesday. They will discuss trade issues such as intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchasing and enforcement, according to a White House statement.

The Deputy Prime Minister will then lead a Chinese delegation to Washington for further talks starting May 8.

"I think it's in the common interest of the world's largest economy, the United States, and the world's second largest economy, China, to find solutions to these trade problems." implies that both countries show flexibility in these negotiations, "added Brende.

US trade advisers have been moving between Washington and Beijing for months without success in public, as they were trying to resolve a trade dispute that is shaking global stock markets and undermining investor confidence for more than a year. year.

"If they find a way out of the stalemate created, I think it can also add additional growth to the global economy – it's needed. This can create new jobs and secure this period of economic growth the second longest after World War II, will continue, "said Brende.

The hope of a breakthrough culminated on Thursday after President Donald Trump hinted that Chinese President Xi Jinping would soon be at the White House. Trump did not indicate when a possible bilateral meeting could take place.