The spokesperson of the Ministry of Commerce answers questions from reporters on the preliminary results of the China US economic and trade consultations
Q: On May 14th, the heads of state of China and the United States held a meeting and announced that the China US economic and trade team has achieved overall balance and positive results. May I ask if the Ministry of Commerce can provide more information on the results of the economic and trade negotiations?
Answer: The heads of state of China and the United States held a meeting in Beijing to discuss economic and trade issues in depth, which further pointed out the direction and provided strategic guidance for the development of economic and trade relations between the two countries.
On May 13th, the China US economic and trade team held economic and trade consultations in South Korea, preparing for the meeting between the two heads of state in the economic and trade fields. During the consultations, guided by the important consensus reached by the heads of state, both sides adhered to the principles of mutual respect, peaceful coexistence, and win-win cooperation, and had frank, in-depth, and constructive exchanges and consultations on resolving economic and trade issues of mutual concern and further expanding practical cooperation. Afterwards, both sides had intensive consultations on the specific content of the results and reached a positive consensus.
At present, the preliminary achievements reached by both sides in the field of economy and trade mainly include the following aspects:
Firstly, both sides will continue to implement the results of the previous consultations and form a positive consensus on tariff arrangements.
Secondly, both parties agree to establish a Trade Council and an Investment Council to discuss their respective concerns in the fields of trade and investment. Both parties will discuss issues related to product tax reduction through the Trade Council and agree in principle to reduce taxes on products of equal scale that are of their respective concern.
The third is that both sides will resolve or substantially promote the resolution of non-tariff barriers and market access issues for some agricultural products. The United States will actively promote the resolution of China's long-term concerns regarding the automatic detention of dairy and aquatic products, the export of potted plants to the United States, and the identification of avian influenza free areas in Shandong. China will also actively promote the resolution of concerns such as the registration of US beef facilities and the export of poultry meat from some states to China.
The fourth is that both parties agree to promote the expansion of two-way trade, including agricultural products, through arrangements such as mutual tax reductions on a certain range of products.
The fifth is that both sides have reached relevant arrangements on China's procurement of aircraft from the United States and the United States' guarantee of aircraft engines and components supply to China, and agreed to continue promoting cooperation in related fields.
The positive results of the China US economic and trade consultations demonstrate that both sides uphold the spirit of mutual respect, equality, and mutual benefit. Through dialogue and cooperation, solutions to problems can be found. At present, both parties are still in negotiations regarding the details of the results. The economic and trade teams of both sides will follow the consensus direction determined by the two heads of state, lock in the results as soon as possible, and work together to implement them, injecting more certainty and stability into the next step of China US economic and trade cooperation and the world economy.