May 27, 2020

China, satisfied with the "important advances" in trade negotiations

The Government of China was satisfied today with the "significant advances" recorded in the last round of negotiations with the United States that seek to end the trade war facing the two largest economic powers in the world since last year.

"Both parties have made significant progress in areas such as agriculture, intellectual property rights protection, exchange rates, financial services, expansion of commercial cooperation, technology transfer and dispute resolution," the Chinese side said in a statement. published today by the state news agency Xinhua.

According to the text, "the two negotiating teams conducted sincere, efficient and constructive conversations on economic and commercial matters that affect both."

In addition, Beijing said that "the two sides also discussed the proceeding for future negotiations and agreed to work together to finally reach an agreement."

As has been the norm after each round of trade negotiations, neither China nor the United States have revealed the details of them, but the US president, Donald Trump, said this Friday in Washington that they include some measures related to the devaluation of the Chinese currency and intellectual property issues.

However, contradicting what China has said afterwards, Washington said it has not addressed the forced transfer of technology in China, an issue that will be dealt with "in the second phase."

The agreement also does not resolve the issue of export vetoes that affect Chinese telephony giant Huawei, an issue that is being negotiated in a parallel process, US Foreign Trade representative Robert Lighthizer told reporters.

"We have reached a significant first phase agreement … but it is not yet drafted," Trump told reporters during a meeting at the Oval Office with Chinese Deputy Prime Minister and Chinese negotiating leader, Liu He.

"It will be written over the next three or four weeks. We will be in Chile (during the Asia-Pacific Economic Cooperation Forum, APEC, which will be held on November 16 and 17) and I will have a (signing ceremony) formal with President (of China) Xi (Jinping), "Trump said.

Under the agreement, the United States agreed to suspend its plan to raise tariffs on Chinese imports worth $ 250 billion from 25 to 30%, which would come into effect next Tuesday.

For its part, China promised to increase its purchases of US agricultural products to reach between 40,000 and 50,000 million dollars.

. (tagsToTranslate) China (t) satisfied (t) important (t) trade (t) trade

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