China's Commerce Ministry Briefs Press on Preliminary Outcomes of China-US Trade Consultations

A spokesperson for China's Ministry of Commerce held a press briefing on the preliminary outcomes of the China-US economic and trade consultations.

Q: On May 14, the heads of state of China and the United States held talks and announced that the two countries' trade teams had reached broadly balanced and positive outcomes. Could the Ministry of Commerce provide further details on the results of the consultations?

A: The heads of state of China and the United States held talks in Beijing, engaging in in-depth discussions on trade and economic issues, which provided further direction and strategic guidance for the development of bilateral trade relations. President Xi Jinping noted that the essence of China-US trade relations is mutual benefit and win-win cooperation. The two countries' economic and trade teams have achieved broadly balanced and positive outcomes — a positive development for the people of both countries and for the world. Both sides should work together to preserve the hard-won positive momentum.

On May 13, the China-US trade teams held economic and trade consultations in South Korea in preparation for the heads-of-state meeting on trade issues. Guided by the important consensus reached between the two heads of state, and adhering to the principles of mutual respect, peaceful coexistence, and mutually beneficial cooperation, both sides engaged in candid, in-depth, and constructive exchanges on resolving each other's trade concerns and expanding practical cooperation. Subsequently, both sides conducted intensive consultations on the specific details of the outcomes and reached positive consensus.

The preliminary outcomes achieved in the economic and trade domain are as follows:

First, both sides will continue to implement the outcomes of previous consultations and have reached positive consensus on relevant tariff arrangements.

Second, both sides agreed to establish a Trade Council and an Investment Council to discuss each side's concerns in the areas of trade and investment. Issues such as tariff reductions on specific products will be discussed through the Trade Council, with the principle of reducing tariffs on equivalent categories of products of mutual concern.

Third, both sides will resolve or substantially advance the resolution of certain non-tariff barriers and market access issues affecting agricultural products. The US side will actively work to address China's longstanding concerns regarding automatic detentions of dairy and aquatic products, restrictions on horticultural media, and avian influenza-free zone recognition in Shandong. China will also actively work to address US concerns regarding beef facility registration and the import of poultry meat from certain states.

Fourth, both sides agreed to promote the expansion of two-way trade — including in agricultural products and other sectors — through mutual tariff reductions on a defined range of products.

Fifth, both sides reached arrangements regarding China's procurement of aircraft from the US and the US ensuring supply of aircraft engines and components to China, and agreed to continue advancing cooperation in relevant areas.

The positive outcomes of the China-US trade consultations demonstrate that, by adhering to the spirit of mutual respect and equal reciprocity and through dialogue and cooperation, both sides are able to find solutions to their respective concerns. Consultations on specific details of the outcomes are still ongoing. The two countries' trade teams will, in line with the consensus direction established by the heads of state, work to finalize the outcomes as soon as possible and jointly ensure their implementation — injecting greater certainty and stability into future China-US trade cooperation and the global economy.

(Source: CCTV News)