China, US Reach Trade Deal
(MENAFN) After two days of trade discussions held in the UK, China and the United States have reached an agreement on a framework and implementation strategy, according to China’s lead trade envoy, Li Chenggang, who spoke late on Tuesday.
Li stated, “The two sides agreed, in principle, the framework for implementing the consensus of the two heads of state in their firm call on the 5th of June, as well as the consensus of the meeting in Geneva,” during a press briefing in London.
He noted that both parties would update their respective leaders on the progress of the talks and the framework established during the UK meetings.
Describing the efforts, Li highlighted that the Chinese and US teams collaborated “very diligently” and engaged in “very in-depth exchanges” over the recent days.
He also remarked that their communication was “very professional, rational, in-depth and candid.”
Li expressed optimism that the advancements made during the negotiations will help “increase trust” between the two nations, thereby fostering stable trade and economic relations and making a positive contribution to the global economy.
The new phase of trade discussions, aimed at reaching an agreement, commenced on Monday in London.
These talks primarily focused on issues such as China’s limitations on rare earth exports to the US, Washington’s constraints on certain technology exports to China, and the ongoing tariff disputes.
This round of negotiations followed a phone call last week between United States Leader Donald Trump and Chinese President Xi Jinping, after which Trump described the conversation as having “resulted in a very positive conclusion for both countries.”
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