November 15: US President Joe Biden met with his Chinese President Xi Jinping on the sidelines of the G20 Summit in Indonesia on Monday in what is said to be the first meeting of the two leaders of the largest economies in the world.

According to Reuters, the Biden and Xi engaged in blunt talks over Taiwan and North Korea in a three-hour meeting aimed at preventing strained US-China ties from spilling into a new Cold War.

According to the news agency, the two leaders pledged more frequent communications amid simmering differences on human rights, Russia's invasion of Ukraine, and support of domestic industry.

"We're going to compete vigorously. But I'm not looking for conflict, I'm looking to manage this competition responsibly," Reuters quoted Biden as saying after his talks with Xi on the sidelines of the G20 summit in Indonesia.

The G20 Summit of industrial countries kicked off in Bali, Indonesia on Tuesday. Taiwan will be the major agenda of the meeting between the two countries, according to the BBC. It is expected that the encounter will help to take the bilateral relationship and cooperation to a new height.

This is the first time Biden met Xi in person after he was elected as the president of the United States in 2020. The meeting was much-awaited amidst the strained relation between the two superpowers.

China has been claiming Taiwan as part of it while Taiwan boasts of being a sovereign country. The United States has been backing Taiwan. Sometimes ago, Speaker of the US House of Representatives Nancy Pelosi had visited the island drawing stern criticism from mainland China. Her visit had aggravated the relationship between the first and second largest economies.

Following the tension, the US banned the import of computer chips from China which has affected China’s export-driven economy.

The US and China are the two largest economies. The continued trade war between them has affected almost all countries. One of the major agendas the G20 Summit is expected to incorporate is the trade war between these two countries.

The G20 Group comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, Turkey, Britain, and the United States.