Washington, Jumada I 03, 1434, March 15, 2013, SPA -- U.S. President Barack Obama spoke with Chinese President Xi Jinping by telephone Thursday to discuss the future of the relationship between the two nations, the White House said. "The President underscored his firm commitment to increasing practical cooperation to address Asia's and the world's most pressing economic and security challenges," the White House said in a statement. According to the statement, both presidents agreed that high-level discussions need to continue in order "to expand cooperation and coordination." Obama noted that Treasury Secretary Jack Law will visit China next week, and Secretary of State John Kerry will also visit soon. "The President highlighted the threat to the United States, its allies, and the region from North Korea's nuclear and missile programs and stressed the need for close coordination with China to ensure North Korea meets its denuclearization commitments," the White House said. "President Obama welcomed China's G-20 commitment to move towards a more flexible exchange rate, and he underscored the importance of working together to expand trade and investment opportunities and to address issues such as the protection of intellectual property rights. In this context, the President highlighted the importance of addressing cyber-security threats, which represent a shared challenge," the statement said. The White House said that the leaders agreed to maintain "frequent and direct communication."