China, US agree to establish a trade council to discuss tariffs, other issues: MOFCOM

BEIJING: China and the US have agreed, in accordance with the consensus reached in China-US economic and trade consultations, to establish a trade council, He Yadong, a spokesperson for the Chinese Ministry of Commerce (MOFCOM), said at a regular press conference on Thursday.

Under this framework, the two sides will discuss issues such as reciprocal tariff reductions and related cooperation, and the economic and trade teams will carry out further consultations, according to the spokesperson.

The remarks were made in response to a media request for comment regarding the latest progress in China-US trade consultations on tariffs, the next steps for communication, and developments regarding China's purchases of Boeing aircraft and US agricultural products.

Cooperation in the fields of aircraft and agricultural trade between China and the US is mutually beneficial and win-win in nature, the spokesperson said, noting that both teams will continue to maintain communication, and will encourage and guide enterprises on both sides to strengthen engagement and expand cooperation in these areas.

The latest development shows that despite lingering complexities, the two sides continue to maintain dialogue and coordination through institutionalized channels, providing a stable foundation for advancing the next stage of economic and trade issues, Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Thursday.

Notably, China and the US continue to maintain a cooperative foundation in areas with strong complementarity, such as aircraft and agricultural products.

"As the two sides' economic and trade teams continue communication and encourage and guide enterprises to strengthen engagement, there remains greater room and potential in the future to expand trade scale and deepen industrial cooperation in relevant fields," Zhou said.

China and the US concluded a new round of economic and trade talks in South Korea in May. According to the MOFCOM at the time, through equal consultations, the two sides achieved positive outcomes in the agricultural sector and reached a number of consensuses on the issue of two-way market access for agricultural products.

The relevant outcomes take into account the concerns of both sides and deliver mutually beneficial and win-win results, according to the MOFCOM.

At the ongoing China International Supply Chain Expo in Beijing, some US businesses expressed hope for greater cooperation between the two countries.

"The last year has been tough in the US for foreign profitability. It's been as bad as it's been in my career, my 60 years of farming. And a stronger relationship with China will reverse that," Jerry Slocum, director of the United Soybean Board, told the Global Times.

China-US cooperation meets the development needs of both sides and the rest of the world, Zhou said, adding that the US should abandon unilateral protectionist practices, properly handle economic and trade differences through dialogue and cooperation, and work together to safeguard the stability and security of global industrial and supply chains.