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Economics

Ministry: China will quickly implement trade deals with US

China hopes to seize the initiative and avoid continuation of costly trade war.


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Updated: December 6, 2018

China’s Ministry of Commerce said on Wednesday the latest China-US trade talk on the sidelines of the G20 Summit in Argentina was a successful one and China has confidence in implementing the consensus of the talk.

The trade teams of both countries will proactively push forward further consultation work within 90 days, in accordance with a clear timetable and roadmap, said a spokesperson from the ministry.

The Chinese team will start by implementing specific issues of the consensus reached, the sooner the better, said the spokesperson, according to the China Daily.

Pause 

On Saturday, the leaders of China and the United States agreed to take measures to ease bilateral trade tensions and keep in close contact.

According to Jin Canrong, a professor on Sino-US relations at Renmin University of China, the agreement is a win-win result for both countries. US farmers suffered from declining exports to China because of the higher tariffs. The agreement solved that problem as China has agreed to import more agricultural products such as soybeans from the US.

China has also promised to strengthen its legal enforcement over fentanyl, which might help to ease the opioid crisis in the US.

For China, the US has dropped a past requirement for China to give up its Made in China 2025 plan. That’s not only an achievement for China, but also sends a clear signal that the US is willing to sit down and negotiate. There is space for the two sides to reach a comprehensive agreement, and they vowed to talk for 90 days to try and hammer out one.



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Cod Satrusayang
About the Author: Cod Satrusayang is the Managing Editor at Asia News Network.

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