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China, US open trade talks with agreements expected
(Agencies)
Updated: 2005-07-11 14:32 On Friday, the two sides failed to resolve their differences on this issue at
separate talks here, with China's commerce ministry saying consultations would
determine when a further meeting will be held.
Customers look at cloth in a market in Nanjing
July 9, 2005. [newsphoto] | It was unclear if
the US%18.5 billion takeover bid by China National Offshore Oil
Corporation (CNOOC) for US oil major Unocal will be on the agenda but the Bush
administration has been under pressure to block it over national security
concerns.
CNOOC's cash bid is US$1.5 billion more than an equity plus cash offer
from rival oil giant Chevron.
The bid has caused a storm of concern in the United States, with the US House
of Representatives earlier this month voting 398-15 for a non-binding resolution
calling on the Bush administration to block the CNOOC bid on national security
grounds.
Beijing has insisted that the bid is purely commercial and urged the
administration and Congress not to allow politics to influence the deal.
Unocal's board is expected to vote on the CNOOC bid in August and the deal
will also have to get regulatory approval from the US Treasury
Department.
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