Xi Hails 'Historic' Trade Pact as APEC Summit Closes

The transcript covers the APEC summit where China proposed a regional free trade pact, the FTAAP, to counter US influence. President Obama supported the initiative while promoting the Trans-Pacific Partnership. A breakthrough was reached in the US-China Information Technology Agreement, aiming to eliminate tariffs on tech products. The US-China summit addressed human rights, cyber crime, climate change, and visa issues, with discussions on a bilateral investment treaty to enhance market access. The summit also focused on climate change and security tensions.

What breakthrough was reached regarding the information technology agreement?

What is the purpose of the bilateral investment treaty being discussed?