Investing.com -- China and the United States have agreed to establish a Board of Trade and Board of Investment as part of efforts to expand bilateral commerce, Chinese Foreign Minister Wang Yi announced Friday.

The two nations will address concerns regarding market access for agricultural products and work to expand two-way trade through a reciprocal tariff reduction framework, Wang said in a statement released by his ministry.

Teams from both countries are consulting on relevant details and will finalize the outcomes as soon as possible, Wang added.

Wang also encouraged the U.S. and Iran to continue resolving their differences through talks and called for reopening the Strait of Hormuz as soon as possible.