The United States is to send delegates to attend the Belt and Road Forum for International Cooperation in Beijing scheduled for May 14-15, the U.S. government said on Thursday night.

The United States “recognizes the importance” of China-proposed Belt and Road Initiative and it will send delegates to attend the forum, according to a statement released by the U.S. Commerce Department.

At the upcoming forum, all parties will identify major cooperative projects, set up working groups and establish an investment cooperation center. They will also sign financing agreements to support their cooperative projects.

 

During a meeting at the Mar-a-Lago estate in Florida last month, Chinese President Xi Jinping told his U.S. counterpart Donald Trump that China welcomes U.S. participation in the Belt and Road Initiative.

In about one month following the meeting between the two leaders, the United States and China have also reached consensus on initial commitments in areas such as agricultural trade, financial services and energy to boost economic cooperation under a 100-day plan, according to the Commerce Department.

Under the agreement, the United States welcomes China to receive imports of liquefied natural gas from the United States, and the two countries will work to resolve outstanding issues for the import of China origin cooked poultry to the United States “as soon as possible.”

Meanwhile, U.S. federal regulatory authorities remain committed to apply in the United States the same bank prudential supervisory and regulatory standards to Chinese banking institutions as to other foreign banking institutions, the Commerce Department said.

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Currently, more than 100 countries and international organizations have voiced their support for the Belt and Road Initiative, among which more than 40 have signed cooperation agreements with China.

The Belt and Road Initiative, proposed by China in 2013 and comprising the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along, and beyond, the ancient Silk Road trade routes.

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