The two countries will also conduct a joint research effort that will include "randomized controlled clinical trials", the statement said, adding that the US would soon send 1,000 ventilators to Brazil.
The two Houses of Congress have passed their respective versions of FIRRMA. The bill now waits the passage of the two Houses and Trump's signing to become legislation. It is estimated that it will take several months before the legislation finally takes effect.
The treaty, which came into force in December 2014, aims at regulating the trade of conventional arms and cracking down on illicit arms transfers.
The two leaders attended a signing ceremony after their meeting.
The two sides signed a memorandum of understanding on cooperation during a meeting in Panama's capital.
The two countries technically remain in conflict after the 1950-53 Korean War ended without a peace treaty, and all cross-border civilian contact - including trips, letters, or emails - are banned unless endorsed by both governments.
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The two new negative lists will take effect on July 23.
The two sides should also respect each other's development path and social system as well as each other's sovereignty, security and benefits, Liu said.
The two neighbors remain technically at war after the 1950-53 Korean War ended with an armistice instead of a peace treaty, with tens of thousands of soldiers guarding the mine-infested land border.
The two discussed recent public announcements by Japanese car makers, including Toyota Motor Corp's decision to invest more in US plants, and Trump's desire to see "more movement in that direction," according to Ambassador William Hagerty.