Chinese Premier Wen Jiabao and the US President Barack Obama, during their meeting on the sidelines of the East Asia Summit held in Phnom Penh in Cambodia, reaffirmed their commitment of promoting bilateral cooperation between the two countries. After the leadership change in China and the re-election of Obama, this was the first meeting between the two leaders.

Due to the current political and economic position of the two countries, the significance of their remarks go beyond the bilateral level. Whatever decisions are made will have positive implications for the world economy. The interests of both countries included trade, finance and business.

This year, bilateral trade is likely to top $500 billion. Greater cooperation in these fields will benefit both the economies and will cause changes on world trade as well.