China Ministry of Commerce: China and US Reach Five Preliminary Outcomes in Trade and Economic Cooperation

At the China-US presidential summit on May 14, the two sides announced that economic and trade teams had reached broadly balanced and positive outcomes. China's Ministry of Commerce spokesperson on May 16 outlined five preliminary results achieved in the trade and economic domain.

The spokesperson stated that on May 13, China-US economic and trade teams held trade consultations in South Korea in preparation for the presidential summit. Guided by the important consensus of the two presidents, and upholding the principles of mutual respect, peaceful coexistence, and win-win cooperation, both sides conducted candid, in-depth, and constructive exchanges on addressing each other's trade concerns and further expanding practical cooperation. The parties subsequently conducted intensive consultations on specific content of the outcomes and reached positive consensus.

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

First, both sides will continue to implement previously agreed consultation outcomes and have reached positive consensus on tariff arrangements.

Second, both sides agreed to establish a Trade Council and an Investment Council to discuss respective concerns in bilateral trade and investment. The Trade Council will discuss tariff reductions on relevant products, with both sides agreeing in principle to reduce tariffs on equivalent scales of products of mutual concern.

Third, both sides will resolve or substantially advance the resolution of certain agricultural non-tariff barriers and market access issues. The US will actively work to address China's long-standing concerns regarding automatic detention of dairy products and aquatic products, media planting import restrictions, and Shandong avian flu disease-free zone recognition. China will actively work to address US concerns regarding beef facility registration and poultry meat exports to China from certain states.

Fourth, both sides agreed through mutual tariff reductions on a range of products to promote expanded bilateral trade, including in the agricultural sector.

Fifth, both sides reached arrangements on China's procurement of US aircraft and the US's guarantee of aircraft engine and component supply to China, and agreed to continue advancing cooperation in related areas.

The spokesperson noted that the positive outcomes of China-US economic and trade consultations demonstrate that both sides, upholding the spirit of mutual respect and equal reciprocity, are capable of finding solutions through dialogue and cooperation. Both sides are still consulting on specific details of the outcomes. The economic and trade teams will, guided by the consensus set by the two presidents, move swiftly to lock in outcomes and ensure implementation, injecting greater certainty and stability into bilateral economic and trade cooperation and the global economy.