Beijing: The Chinese Ministry of Commerce announced on Saturday that China and the US achieved positive results in their economic and trade consultations and will discuss reducing tariffs on specific products.
According to Yemen News Agency, a ministry spokesperson outlined five areas of initial progress achieved by the two countries' economic and trade teams during their recent consultations. The spokesperson stated that both sides agreed to continue implementing the outcomes reached in previous talks and reached a positive consensus on relevant tariff arrangements.
China and the United States will also establish two trade and investment councils to address each other's concerns in trade and investment cooperation. Through the trade council, the two sides will discuss issues such as reducing tariffs on specific products and have agreed in principle to reduce tariffs on products of mutual interest on a reciprocal basis.
In addition, the two countries will work to resolve-or make substantial progress toward resolving-non-tariff barriers and market access issues related to certain agricultural products. Furthermore, the two sides agreed to enhance bilateral trade, including trade in agricultural products, through arrangements such as the reciprocal reduction of tariffs on a range of products.
In the aviation sector, the two countries reached an agreement on China's purchase of aircraft from the United States, as well as U.S. guarantees for the supply of aircraft engines and related spare parts to China. The two sides agreed to continue promoting cooperation in related areas.
The spokesperson said that the two sides are still consulting on the details of the outcomes reached so far. The spokesperson added that the economic and trade teams from both countries will work to finalize the outcomes as soon as possible and ensure their joint implementation in line with the consensus reached by the two heads of state, aiming to inject greater certainty and stability into China-U.S. economic and trade cooperation and the global economy.