16 Jan 2020
Full Details of Phase One of China-US Trade Agreement Released
Full details of the Economic and Trade Agreement Between the Government of the People’s Republic of China and the Government of the United States of America, as signed by both parties in Washington, were released on 16 January.
This Agreement, which is said to address the core concerns of both sides, has been described as “mutually beneficial” and representing a “win-win” scenario for all concerned. This is said to stem from three particular aspects of the agreement:
i) A deepening of two-way cooperation with regard to trade and an expansion of the level of the bilateral trade in agricultural goods, manufacturing, energy products and services
ii) A general easing of market access, including a broadening of the two-way opening up with regard to the financial sector as a means of providing enhanced market opportunities for businesses on both sides
iii) A commitment to maintaining efforts to optimise the overall business environment, with both sides confirming their intent to reinforce intellectual property protection and encourage technical cooperation on the basis of voluntary participation and in line with the prevailing market conditions in order to promote fair competition and stimulate innovation and development
In addition, it was also agreed that a Bilateral Evaluation and Dispute Resolution Arrangement will be put in place as a means of resolving any future economic and trade issues in a timely and effective manner. As a consequence, the US side agreed to cancel a number of the supplementary tariffs in place with regard to Chinese imports as both sides looked to scale down the measures currently being deployed.
The Agreement was jointly published by a number of government departments / state bodies, including the Ministry of Finance, the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, the Ministry of Commerce and the People’s Bank of China.
Source: State Council / Xinhua