It is encouraging news that the United States and China agreed to restart economic and trade consultations, and ultimately the two countries will cooperate because "it makes sense," a British business leader said Saturday.

There are plenty of opportunities for the United States and China to cooperate in multiple fields such as innovation and infrastructure, said Stephen Perry, chairman of Britain's 48 Group Club, a business networking organisation dating from the 1950s.

"Ultimately they will cooperate because it makes sense," Perry told Xinhua.

However, the British business leader stressed that whether the agreement lasts depends on Washington's future reaction.

"I think China has handled this very well ... China has done what it should have done in these circumstances. It is America that is frustrated by the lack of strength they found in their position... It depends on how America reacts."

In a fast-changing world, the United States needs to reposition itself and cooperate with China, said Perry.

"If they (the United States) reposition themselves, then there will be cooperation between America and China. If they still try to reassert themselves as a superpower, it could become more dangerous," he added.

Meeting on the sidelines of a summit of the Group of 20 major economies in the Japanese city of Osaka on Saturday, Chinese President Xi Jinping and his US counterpart Donald Trump agreed to restart economic and trade consultations between their countries on the basis of equality and mutual respect.

The two leaders also agreed that the US side will not add new tariffs on Chinese exports, and the two countries' economic and trade negotiating teams will discuss specific issues.