The Ministry of Commerce of China File photo: VCG

The Chinese and US economic and trade teams have achieved preliminary outcomes in the economic and trade field, including agreeing to promote the expansion of two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on products within a certain scope, a spokesperson for China's Ministry of Commerce said on Saturday.

The spokesperson made the remarks in response to a request for more information on the outcomes of China-US economic and trade consultations. The two heads of state held talks on May 14 and announced that the Chinese and US economic and trade teams produced generally balanced and positive outcomes. 

The heads of state of Chinese and US held a meeting in Beijing and conducted in-depth discussions on economic and trade issues, further charting the course for the development of bilateral economic and trade relations and providing strategic guidance, the spokesperson said. 

On May 13, the Chinese and US economic and trade teams held economic and trade consultations in South Korea, making preparations in the economic and trade field for the meeting between the two heads of state. 

Guided by the important consensus reached by the two heads of state and adhering to the principles of mutual respect, peaceful coexistence and win-win cooperation, the two sides conducted candid, in-depth and constructive exchanges and consultations on resolving each other's economic and trade concerns and further expanding practical cooperation, the spokesperson said, noting that the two sides subsequently held intensive consultations on the specific content of the outcomes and reached positive consensus.

China's Ministry of Commerce said the preliminary outcomes achieved by the Chinese and US sides in the economic and trade field include:

First, the two sides continue to implement the outcomes of previous consultations and reaching positive consensus on relevant tariff arrangements.

Second, the two sides agreed to establish a Trade Council and an Investment Council to discuss each side's respective concerns in the areas of trade and investment, the spokesperson said. Through the Trade Council, the two sides will discuss issues including tariff reductions on relevant products, and agreed in principle to reduce tariffs on products of equal scale that each side is concerned about.

Third, the two sides will resolve or substantially advance the resolution of certain non-tariff barriers and market access issues related to some agricultural products. 

The US side will actively promote resolving China's longstanding concerns regarding automatic detention measures on dairy and aquatic products, the export of media bonsai to the US, and recognition of East China's Shandong Province as an avian influenza-free zone. The Chinese side will also actively promote resolving the US side's concerns regarding the registration of beef facilities and poultry exports from certain US states to China, the spokesperson said.

Fourth, the two sides also agreed to promote the expansion of two-way trade, including in agricultural products, through arrangements such as mutual tariff reductions on products within a certain scope.

Fifth, the two sides reached relevant arrangements regarding China's procurement of aircraft from the US, as well as the US side's ensuring supply of aircraft engines and components to China, and agreed to continue advancing cooperation in related fields.

The spokesperson highlighted that the positive outcomes achieved in the China-US economic and trade consultations demonstrate that by upholding the spirit of mutual respect, equality and mutual benefit, the two sides are capable of finding solutions to problems through dialogue and cooperation. 

The two sides are currently still consulting on details related to the outcomes, the spokesperson said, adding that the Chinese and US economic and trade teams will follow the direction of consensus set by the two heads of state, move quickly to finalize the outcomes and jointly ensure their implementation, injecting greater certainty and stability into the next stage of China-US economic and trade cooperation and the global economy.

Global Times