“I’m ready to work with you.”
That’s what China’s president Xi Jinping told Obama today after two intense days of meetings at the APEC summit in Beijing.
He and Obama made some game-changing deals on business, defence, and the environment this week.
Here’s what you need to know:
- Both leaders agreed to cut tariffs on IT technology like semi-conductors, medical equipment, GPS devices, and video game consoles. The deal still needs to be ratified at the WTO.
- They also sped up talks on a bilateral investment treaty that’s been in the works
- Just before the summit, they agreed to offer 10-year tourist and business visas to one another
- Obama and Xi agreed to notify each other of military exercises and other major activities
- And they agreed on new rules for encounters at sea and in the air
- China agreed for the first time EVER to stop increasing CO2 emissions (by 2030 or sooner)
- China plans to cut fossil fuel usage to 80 per cent of current levels by 2030
- The US plans to double its CO2 reduction speed and cut greenhouse gases by more than a quarter by 2025 (from 2005 levels)