HONG KONG, July 9 (Xinhua) -- The United States and China, the world's top two economies, are going to need each other "more and more" and are expected to continue trade talks for new agreements, former U.S. Ambassador to China Max Baucus said here Tuesday.

"The United States and China both need each other, because we're the two largest economies. Our economies are very intertwined. There's no question about it," Baucus said on the sidelines of an international forum themed "U.S.-China Trade and Economic Relations: What Now, What Next."

"We're joined at the hip in trade of goods, trade of services and investment. And we're going to need each other more and more, frankly, as years go by," he added.

As one of the speakers at the two-day forum that opened here Tuesday, which was attended by hundreds of prominent politicians, scholars and business leaders from around the world, Baucus is scheduled to give a keynote speech at a panel on Wednesday on the future of globalization, multilateralism and global governance.

Baucus said the rising anti-globalization and trade protectionism trend is undoubtedly negative.

"Protectionism will reduce the quality of life of Americans and Chinese. No question. The more we protect Americans, say add tariffs, the more nets of tax on Americans. American consumers and American businesses have to pay more," he said.

On the U.S.-China trade negotiations, Baucus said, "We all hope that the talks proceed. We all hope they reach new agreements to maybe even roll back some tariffs and certainly not impose new ones."