The Ministry of Commerce of China File photo: VCG

China and the US are seeking opinions on tariff reduction arrangements and will work to finalize specific product tariff reduction plans and advance their implementation as soon as possible, according to an official from the Ministry of Commerce (MOFCOM) on Thursday.

Meng Huating, director-general of the Department of Foreign Investment Administration at MOFCOM, made the remarks at a press conference in response to a question about progress in the establishment of trade and investment councils between China and the US.

At present, the economic and trade teams of China and the US are maintaining close communication on specific arrangements for the structure, functions and operating mode of a trade council, while also discussing a framework for reciprocal tariff reductions worth $30 billion on each side, Meng said.

China is extensively soliciting opinions from relevant stakeholders, including domestic enterprises, industry associations, local governments, as well as chambers of commerce and business associations of US companies in China, on the proposed tariff reduction arrangements, she said.

The US side is also soliciting public comments on the trade council and reciprocal tariff reduction arrangements, Meng said.

The two sides will continue close consultations, work to finalize specific product-level tariff reduction arrangements as soon as possible, and push for their implementation, with the aim of further expanding bilateral trade, the official said.

Global Times