In a significant step toward stabilizing global economic relations, China's Ministry of Commerce (MOFCOM) announced this Saturday that recent economic and trade consultations between the Chinese mainland and the United States have yielded positive outcomes. These developments follow high-level strategic guidance provided by the heads of state of both nations.
Chinese President Xi Jinping emphasized that economic ties between the two countries are inherently mutually beneficial and win-win. He noted that the balanced results achieved by the respective economic and trade teams represent good news not only for the citizens of both nations but for the global community. President Xi stressed the importance of sustaining the positive momentum created through these efforts.
The path to these agreements began with intensive consultations held in the Republic of Korea on May 13, where teams from both sides met to prepare for the presidential summit. Guided by principles of mutual respect and peaceful coexistence, the two sides engaged in candid and constructive exchanges to address mutual concerns and expand practical cooperation.
Among the primary achievements is the agreement to establish a dedicated trade council and an investment council. The trade council is specifically tasked with addressing tariff reductions for certain products, with both parties agreeing in principle to cut tariffs on goods of mutual concern on an equivalent scale.
The consultations also made significant strides in resolving non-tariff barriers and enhancing market access for agricultural products. The United States has committed to promoting solutions regarding China's concerns over automatic detention measures for aquatic and dairy products, the export of "penjing" artworks, and the recognition of a bird flu-free zone in east China's Shandong Province. In turn, the Chinese mainland will actively address US concerns regarding poultry exports and beef facility registration.
Beyond agriculture, the two nations reached key arrangements concerning the aviation sector. This includes China's aircraft purchases from the US and corresponding US assurances regarding the supply of aircraft engines and components to the Chinese mainland.
MOFCOM emphasized that these positive results demonstrate that differences can be resolved through dialogue, equality, and mutual benefit. As detailed follow-up consultations continue, both sides aim to finalize the outcomes quickly to inject greater certainty and stability into the global economy.
Reference(s):
Chinese MOFCOM: China-US trade talks yield positive outcomes
cgtn.com
