China and the United States have achieved significant progress on negotiations for a bilateral investment treaty, which will contribute to the establishment of global investment rules, senior advisers said on Friday.

"The BIT negotiations have made substantial progress. We have already agreed on the basic framework to talk about the BIT. The issues include pre-established national treatment and the 'negative list'. These issues will be at the core of the BIT," said Long Yongtu, secretary-general of the Boao Forum for Asia. Long was China's chief negotiator during talks for joining the World Trade Organization

Strong China-US trade and investment links

China urges US to end probe on solar products

"What's left is detailed negotiations on the content and the items on the negative list."

He added that there are no uniform global standards for international investment treaties or similar agreements, unlike the global trade rules of the WTO.

"China and the US to some extent are creating international or global rules for investment. So we have to achieve a high standard that others can follow," Long said.

The 12th round of negotiations on the treaty were held in Washington DC in early March.

The pact will be a comprehensive, robust agreement covering the basic principles of encouraging, facilitating and protecting foreign investment.

There will also be provisions for IPR protection, ensuring national treatment, most-favored nation status and fair treatment for all enterprises, according to Long.

"At present, negotiations are focusing on the areas to be included on the negative list.

"The US would like to see a very short list. But for the Chinese side, we still need more work in some areas. There must be very tough negotiations on the details. Maybe China can offer some timetable to gradually liberalize certain areas tentatively on the negative list," Long said.

US tariff investigation clouds solar panel commerce

Cars on US-EU free-trade talks short list