China and the United States have achieved positive outcomes in their latest round of economic and trade consultations, with both sides agreeing to advance pragmatic cooperation and maintain the hard-won momentum in bilateral ties, said the Ministry of Commerce on Saturday.
The latest developments came after the two heads of state held talks in Beijing. The two leaders held in-depth discussions on economic and trade issues and provided strategic guidance for the future development of bilateral economic and trade relations, the ministry said.
According to the ministry, the two sides have reached a preliminary consensus in several areas. Both sides agreed to continue implementing the outcomes reached in previous consultations and formed a positive consensus on relevant tariff arrangements.
China and the US also agreed to establish a board of trade and a board of investment to address respective concerns in trade and investment. Through the board of trade, the two countries will discuss tariff reductions on certain products and, in principle, agreed to lower tariffs on products of mutual concern on an equivalent scale, said a ministry spokesperson in a statement.
In addition, the two sides agreed to substantially advance the resolution of some non-tariff barriers and market access issues involving agricultural products, while expanding two-way trade through reciprocal tariff reduction arrangements.
They also reached arrangements on China's procurement of aircraft from the US and arrangements for the US to ensure the supply of aircraft engines and parts to China, with both sides agreeing to continue cooperation in related sectors.
The spokesperson said the outcomes demonstrated once again that China and the US can find solutions to problems through dialogue and cooperation based on mutual respect, equality and mutual benefit.
The spokesperson added that both sides are still in consultation over details of the outcomes, and their economic and trade teams will work to finalize and implement the outcomes as soon as possible in line with the consensus reached by the two heads of state, injecting more certainty and stability into China-US economic cooperation and the global economy.