China-US trade talks yield positive outcomes

BEIJING: China’s Ministry of Commerce said on Saturday that China and the United States have reached “positive outcomes” following recent economic and trade consultations, marking what both sides described as progress on several key trade and investment issues.

According to a ministry spokesperson, the two countries identified five major areas of consensus during the latest round of discussions between their economic and trade teams.

First, both sides agreed to continue implementing previously reached outcomes while advancing consensus on tariff-related arrangements, including discussions on reciprocal tariff reductions for selected product categories.

Second, the two countries agreed to establish new institutional mechanisms — a Trade Council and an Investment Council — to address ongoing concerns in trade and investment relations and to facilitate structured dialogue on tariffs and market access issues.

Through the proposed Trade Council, both sides will also explore tariff adjustments on products of mutual interest, with an agreement in principle to move toward reciprocal reductions on selected goods.

Third, the two countries reported progress on resolving non-tariff barriers and improving market access for agricultural products. The United States has agreed to address long-standing Chinese concerns regarding the automatic detention of dairy and aquatic exports, restrictions on bonsai plant exports, and recognition of Shandong province as a disease-free zone for avian influenza.

China, in turn, has committed to addressing US concerns related to the registration of beef processing facilities and the export of poultry products from certain American states.

Fourth, both sides agreed to expand bilateral trade in key sectors, particularly agriculture, through mutually agreed tariff reductions on a defined list of goods.

Fifth, the two countries reached understandings on cooperation in the aviation sector, including arrangements for China’s purchase of aircraft from the United States and US commitments to ensure the supply of aircraft engines and components to Chinese manufacturers.

The ministry said both sides will continue consultations to build on the progress achieved and further stabilise economic and trade relations between the world’s two largest economies.