Presidents Obama and Xi agree that the U.S. and China won’t steal corporate secrets from each other, but the wording is so full of loopholes that CISOs shouldn’t take too much comfort in the pact for quite a while.

The agreement sets up high-level talks twice a year to deal with complaints the U.S. and China have about whether the other is responding quickly and thoroughly to claims by the other side about malicious cyber activity.

It also takes a run at corporate spying in particular: “[N]either country’s government will conduct or knowingly support cyber-enabled theft of intellectual property, including trade secrets or other confidential business information, with the intent of providing competitive advantages to companies or commercial sectors.”

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