PHOTO: REUTERS
BEIJING: The preliminary agreement reached between China and the United States in the latest trade consultations is "encouraging" and will pave the way for both sides to end the long-running dispute, said experts and business leaders.
A partial deal, if inked, doesn't mean the trade row has been settled once and for all. Enhanced efforts will be needed to address potential challenges in the future, they said.
Chinese and US trade negotiators made what was characterised as substantial progress in several fields, including agriculture and intellectual property protection, following two days of intensive talks in Washington.
"With our teams making progress on some parts of the agreement under consultation, it is important we address each other's concerns properly and make positive headway in other areas as well," President Xi Jinping said in a message to his US counterpart, Donald Trump.
Trump, in an Oval Office meeting with Vice-Premier Liu He, said, "We very much agree that to get the China-US economic relationship right, it's something that is good for China, the US and the whole world, and we are making a lot of progress toward a positive direction."
Trump, when asked by China Daily after the meeting with Liu if he would put a stop to the seemingly expanding US blacklist of Chinese companies, said, "We will be looking at the blacklist, and we'll be making a determination as to which companies would be on that list."
Li Yong, Deputy Director of the China Association of International Trade Expert Committee, said the outcome of the latest round of high-level talks has once again proved that "there is no winner in the trade war, and cooperation is the only way out".
Li said the two sides have adopted a pragmatic and rational attitude, and their consensus in some areas will help them during follow-up talks.
The US-China Business Council (USCBC) said it is pleased that the US and China reached "a tentative phase-one trade agreement" on Friday, accompanied by a suspension of the prospective US tariff increase that had been set for Tuesday.
"This is an encouraging first phase," USCBC President Craig Allen said. "We await word on how implementation will be measured and in what time frame, as well as details on scheduling subsequent phases."
This article originally appeared on the China Economic Net
Published in The Express Tribune, October 15th, 2019.
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