The governments of the United States and China have indicated that they will resume talks to finalise an investment treaty between the two largest economies in the world.

Officials from the two sides agreed to restart stalled negotiations on the matter that could result in significantly enhanced business opportunities for firms both sides of the pacific. The treaty might open up more than 100 Chinese industries to the investments from US firms including automakers, banks, and chemical and energy companies that currently face heavy restriction on business activities in the communist country.

Chinese companies will also gain easy access to US industries but both sides will exclude some sectors including defence from the treaty. U. S. Treasury Secretary Jacob Lew said after two days of talks with Chinese officials that the agreement is a significant breakthrough and the treaty will level the field for the American firms by opening the markets to fair competition.

Chinese Commerce Minister Gao Hucheng also said that the two sides have agreed to enter a substantive state of negotiations soon. Data showed that China invested $5.15 billion directly in the U. S. economy in the previous year while U. S. direct investment in China was $51.4 billion during the previous year.