MOFCOM: China and US Should Create Favorable Conditions for Two-Way Agricultural Trade

Ministry of Commerce spokesperson He Yadong said at the May 21 regular press conference that China and the United States should create favorable conditions for two-way agricultural trade and work to restore and continuously expand agricultural trade cooperation.

He Yadong stated that agricultural trade is an important component of China-US economic and trade cooperation. Following recent trade consultations, both sides have reached a series of positive consensus on resolving some non-tariff barriers and market access issues in agricultural products, agreed in principle to incorporate relevant products into the reciprocal tariff reduction framework, and established indicative targets for expanding two-way agricultural trade.

On service consumption, He Yadong noted that service retail sales grew 5.6% year-on-year in January-April, outpacing merchandise retail growth. The Ministry will continue to expand high-quality service supply and cultivate new growth drivers to promote consumption expansion.

Regarding President Putin's visit to China, He Yadong said China and Russia reached a number of economic and trade outcomes aimed at deepening bilateral cooperation across key sectors including energy, trade infrastructure and financial settlement, with both sides expressing expectations for continued growth in bilateral trade volumes.