China and the United States have reached an agreement on the text of a phase one economic and trade agreement based on the principle of equality and mutual respect.
El text includes nine chapters: The preface, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, trade expansion, bilateral evaluation and dispute settlement, and the final terms were indicated in a statement issued by the Chinese side on Friday (13.12.2019) evening.
The two sides reached a consensus that the US side will honor its commitments to gradually eliminate its additional tariffs on Chinese products, with the aim of moving from raising to reducing additional tariffs.
The Chinese side believes that China and the United States, the world's two largest economies, should approach bilateral economic and trade relations with the global vision in mind. Achieving the agreement will serve the fundamental interests of the people of the two nations and the world, and is expected to have a positive influence on areas including economy, trade, investment and the financial market.
The agreement is broadly in line with China's main direction of deepening reform and opening-up, as well as domestic needs to boost high-quality economic development.
The implementation of the agreement will help strengthen the protection of intellectual property rights, improve the business environment, expand market access, better safeguard the legitimate rights and interests of all companies, including foreign firms in China, and protect the legitimate rights and interests of Chinese firms in their economic and trade activities with the United States.
As China's domestic market expands, Chinese companies will import more high-quality and competitive goods and services from countries including the United States, in accordance with WTO rules, market rules and business principles. The increase in imports is conducive to the drive to expand the country's consumption and meet the growing needs of the Chinese people for a better life.
The agreement will help the two countries strengthen economic and trade cooperation, effectively manage, control and resolve differences, and promote the steady development of economic and trade relations.
As the global economy faces downward pressure, the agreement will boost confidence in the global market, stabilize market expectations, and create a favorable environment for normal economic, trade and investment activities.
The two parties agreed to complete necessary procedures including legal review, translation and proofreading as soon as possible, and discuss detailed arrangements for the official signing of the agreement.
After the signing, the two sides are expected to earnestly implement and implement the provisions of the phase one agreement, do more to promote the development of bilateral economic and trade relations as well as global economic and financial stability, and safeguard world peace and prosperity.
Source: Xinhua
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