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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