China, US, agree to push forward economic deal as they hold trade talks
It was a great day on Tuesday for the two great countries, as Chinese and US negotiators spoke on the phone and agreed to “push forward” their phase one economic deal.
The two countries signed the accord in January, bringing a partial truce in their lingering trade war and obliging Beijing to import an additional $200 billion in American products over two years, ranging from cars and machinery to oil and farm products.
It was the Covid-19 pandemic that put pressure on the agreement and China’s purchases of those goods have been lagging. The two countries confirmed the talks in separate statements.
While reacting Washington said the parties “addressed steps that China has taken to effectuate structural changes called for by the agreement”.
Those changes, it said, would “ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture, and eliminate forced technology transfer”.
It added that both sides “see progress and are committed to taking the steps necessary to ensure the success of the agreement”.
Beijing’s statement said a “constructive dialogue” between the two sides had “agreed to create conditions and atmosphere to continue to push forward the implementation of phase one of the China-US economic and trade agreement”.
The phase one deal called for officials to hold a “check-in” every six months.