“Phase 2 negotiations will depend on the implementation of the first phase agreement,” said Deputy Finance Minister Liao Min, adding that China`s main concern in economic and trade negotiations was the removal of additional tariffs and that the two sides had reached a consensus in this regard. The United States and China have reached an agreement on the text of a phase one trade agreement and will now move as fast as possible towards signing an agreement, Chinese officials said friday. The United States will eliminate tariffs on Chinese products in phase, said Vice Trade Minister Wang Shouwen. The agreement covers intellectual property, technology transfers, agricultural goods, financial services and trade expansion. The United States and China have been working on a partial trade agreement announced in October, which President Donald Trump says would involve more Chinese purchases of agricultural products. According to the Wall Street Journal, the agreement must be subject to legal proceedings in both countries before being signed. By maintaining much of the existing tariffs, Trump told reporters Friday that the U.S. would have influence at the next roundtable. The Chinese side believes that China and the United States, the world`s two largest economies, must keep in mind bilateral economic and trade relations with the whole. The conclusion of the agreement will serve the fundamental interests of the citizens of both countries and the world and is expected to have positive effects on sectors such as the economy, trade, investment and the financial market. “Both countries should respect the agreements and make efforts to properly implement the first phase agreement,” he said, adding that the agreement would promote enhanced trade cooperation between the two countries. The two countries have reached a consensus on managing intellectual property theft and cracking down on counterfeit goods, Wang said. China will strengthen intellectual property protection, but at its own pace, he said.
Washington and Beijing had initially agreed in October to implement a “Phase One” agreement that would allow China to buy between $40 billion and $50 billion worth of U.S. agricultural products, Trump said at the time. The agreement also included commitments from China regarding its currency, intellectual property and access to Chinese markets, Trump noted. China will increase imports from the United States and other countries, Wang said Friday at a briefing in Beijing. National Reform and Development Commission Vice-President Ning Jizhe added that details of agricultural purchases would be published later, with the text of the agreement still under review. In general, the agreement is consistent with the main thrust of China`s cohesion and openness policy and the internal need to promote quality economic development. As the global economy is under downward pressure, the agreement will strengthen confidence in the global market, stabilize market expectations and create an environment conducive to normal economic, trade and investment activities.