See More on Facebook

Diplomacy, Economics

Beijing, Washington expected to complete first phase of trade deal soon

Trump has boasted about the deal before it has been completed.

Written by

Updated: November 5, 2019

China and the United States are expected to wrap up their phase-one trade agreement soon, a step toward ending the yearlong trade dispute and stimulating the global economy, experts and business leaders said.

The comments came after China and the US held what was characterized as “serious and constructive” discussions on Friday to address their core concerns and reach consensus on principles. The two sides also discussed arrangements for the next step in consultations, the Ministry of Commerce said on Saturday.

Yang Weiyong, an economics professor at the University of International Business and Economics in Beijing, said signing a preliminary deal should be an “urgent” priority for both China and the US.

To some extent, external pressures can drive Chinese homegrown companies, especially State-owned ones, to perform more competently, but ending the trade dispute will benefit both countries and help cushion the sluggish world economy, Yang said.

Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges, said he is optimistic that the world’s two largest economies will solve their problems peacefully. He said China’s attitude is that the country is unwilling to confront the US but urges the countries to respect each other’s core interests.

Vice-Premier Liu He, responding to a US invitation, spoke with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin by telephone on Friday, the ministry said in a brief statement.

The call was made days after Chile announced that it had canceled the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting scheduled for Nov 16 to 17 after nearly two weeks in which protests, sometimes violent, rocked the nation.

It was unclear whether the two sides discussed an arrangement for the signing of a phase-one deal, which was originally planned to take place concurrent with APEC. Indications are that they have essentially completed their technical consultations regarding part of the text for a preliminary trade agreement as outlined during the latest high-level trade talks in early October in Washington.

Earlier on Friday, Foreign Ministry spokesman Geng Shuang said at a news briefing that China-US trade consultations are progressing smoothly and both sides will press ahead with their work as planned.

“It is China’s hope that the two sides can find a way to resolve the economic and trade issues on the basis of mutual respect, equality and mutual benefit,” Geng said.

“As to whether the two heads of state will meet, I can tell you that they maintain contact through various means,” he added.

Matt Deppe, chief executive of the Iowa Cattlemen’s Association, which has about 10,000 members, said the organization hopes both sides will get a great trade agreement for all different goods and services that are trading back and forth, because “we think it’s going to benefit both countries”.

Deppe said he was encouraged by the positive moves, because the two countries economically have a lot to offer one another and the rest of the world.

Andrew Ainslie, dean of the Simon Business School at the University of Rochester in New York state, said even though the China-US trade tensions have led to a decline in student applications to US universities overall, the school has been working to help candidates through the visa process.

“I don’t think it is going to be there for the long term,” Ainslie said. “I think this is short term.”

In another development on Friday, a World Trade Organization panel said that China can impose tariffs on US imports worth $3.58 billion annually because of the US failure to abide by anti-dumping rules with regard to Chinese products.

Yang said the WTO ruling showed that the US had violated the international organization’s rules, abused trade remedy provisions and seriously damaged fairness in the global trade environment.

Enjoyed this story? Share it.

About the Author: ANN’s Board member Ms Esther Ng, Malaysia’s The Star’s Chief Content Officer, has been bestowed the 2019 Asian Women Entrepreneurs Leadership Award in the Media and Communications category.

Eastern Briefings

All you need to know about Asia

Our Eastern Briefings Newsletter presents curated stories from 22 Asian newspapers from South, Southeast and Northeast Asia.

Sign up and stay updated with the latest news.

By providing us with your email address, you agree to our Privacy Policy and Terms of Service.

View Today's Newsletter Here

Diplomacy, Economics

Indonesia slams Singapore for withholding information on nationals treated for COVID-19

Indonesia complains on Singapore insisting to withhold personal information of its citizens showing COVID-19 symptoms in Jakarta. The Indonesian government has complained that Singapore insists on withholding the personal information of several Indonesian citizens believed to have shown COVID-19 symptoms in Jakarta and tested positive for the lethal virus in the city-state. Jakarta said it was facing difficulties in tracing and isolating those who might have had contact with the patients, now being treated at Singaporean hospitals. “We have asked for the identities of the Indonesian nationals from Singapore. They did not give us the names. How are we going to conduct the tracing in Indonesia? Singapore is adamant on not disclosing their identities,”

By The Jakarta Post
March 13, 2020

Diplomacy, Economics

Seoul stocks sink, trigger first circuit breaker for 5 min in 8 years 

The Kospi plummeted more than 5 per cent during Thursday trading, which triggered the stock exchange to temporarily halt trading on Korea’s main bourse, as investor sentiments weighed on the coronavirus pandemic. The Korea Exchange activated a “sidecar,” meaning it temporarily halted the trading of shares, for five minutes around 1:04 p.m. after Kospi 200 index futures slipped over 5 percent. It was the first time the sidecar had been activated for the Kospi since Oct. 4, 2011, when Greece defaulted on its debts. “The temporarily halt trading was due to the plunging of the Kospi 200 index futures. They plummeted from 256.90 points to 243.90 points — down 13 points, or 5.06 percent at that time for over a minute,” a KRX official said. The s

By Asia News Network
March 12, 2020

Diplomacy, Economics

Final temporary hospital in Wuhan closes its doors

A total of 15 such hospitals, converted from exhibition halls, sports stadiums and warehouses, received more than 12,000 patients. All the 15 temporary hospitals built to exclusively receive novel coronavirus patients in Wuhan, Hubei province, have been closed, with the daily number of reported new cases hitting a record low. Wuchang Temporary Hospital, which was converted from a sports stadium, closed on Tuesday afternoon after its final 49 patients were discharged, making it the last of the temporary hospitals in Wuhan, the centre of the epidemic in China, to close its doors. The hospital, which was converted within two days, received a total of 1,124 patients with mild symptoms of COVID-19 in the 35 days of its operation. No patients died in the hosp

By China Daily
March 11, 2020

Diplomacy, Economics

Social media curbs removed in Jammu and Kashmir after seven months

 Jammu and Kashmir administration removes restrictions on social media use across Union Territory almost seven months after a communication clampdown since the Centre’s announcement to scrap the special status of the erstwhile state under Article 370 and its bifurcation into two Union Territories of J&K and Ladakh. The Jammu and Kashmir (J&K) administration on Wednesday removed restrictions from social media usage across the Union Territory almost seven months after a communication clampdown on the eve of the Centre’s August 5 announcement to scrap the special status of the erstwhile state under Article 370 and its bifurcation. The directions came after a review of the situation by the J&K Home department. The order, issued without the

By The Island
March 10, 2020

Diplomacy, Economics

15 Korean pharmas, 4 state institutes research coronavirus

South Korea’s state-run research institutes and pharmaceutical firms are working hard to find a cure for the new coronavirus. South Korea’s state-run research institutes and pharmaceutical firms are working hard to find a cure for the new coronavirus, according to news reports Monday. Around 15 firms and four institutes here are burning the midnight oil to get an effective cure, according to Korea Pharmaceutical and Bio-Pharma Manufacturers Association. KPBMA Chairman Won Hee-mok emphasized the synergies between private and public research bodies in yielding a faster outcome. The association identified Korean companies working on vaccines — including SK Bioscience, GC Pharma, Boryung Biopharma, Sumagen and G+FLAS Life Sciences. T

By Asia News Network
March 9, 2020

Diplomacy, Economics

‘Incredible India’ now being viewed as intolerant India, says FM Qureshi

 “Modi’s policies are taking a bloody and dangerous turn,” says the foreign minister. Foreign Minister Shah Mehmood Qureshi on Thursday stated that ‘Incredible India’ is now being viewed as “intolerant India”, and ‘Shining India’ as “burning India”, adding that the country is now facing international scrutiny like never before. The foreign minister expressed these views while speaking at a seminar, organised by the Centre for Aerospace and Security Studies, in Islamabad. During his address, Qureshi stated: “Indian Prime Minister Narendra Modi’s policies are taking a bloody and dangerous turn, as predicted by Prime Minister Imran Khan.” Referring to the country

By Asia News Network
March 6, 2020