China asks US to create conditions to push phase-I of trade deal

28 Oct '21

2 min read

Pic: Shutterstock

China and the United States should join hands to create conditions to implement the first phase of the US-China economic and trade agreement signed in January last year as that can be mutually beneficial as well as benefit the rest of the world, according to China's commerce ministry, which delineated key tasks to grow its trade in services during the 14th Five-Year Plan period (2021-25).

China would welcome a move by the United States to start a targeted tariff exclusion process while keeping open the potential for additional exclusion processes, ministry spokeswoman Shu Jueting recently told a media briefing.

"China always believes lifting additional tariffs is in line with the interests of consumers and producers in both countries and also is good for global economic recovery,"Shu said, adding economic and trade teams of the two countries have been maintaining normal communication, and her ministry will release news on any new information.

The tasks include deepening reform and expanding opening-up, accelerating digitalization, optimizing industry structure and regional layout, supporting market players, and enriching cross-border cooperation, according to a new development plan released by 24 government departments, including the ministry of commerce and the National Development and Reform Commission, the country's top economic regulator, she was quoted as saying by Chinese media reports.

The plan has included digital trade for the first time to align with the development trend of digitalised, Internet-based and intelligent services trade, she said.

The plan emphasised reform and opening-up in a designated chapter, which focused on expanding market access, promoting higher opening-up in cross-border trade in services, and building high-level reform and opening-up platforms.

Fibre2Fashion News Desk (DS)

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