China, US ‘close to finalising’ part of a Phase One trade deal

World 
China, US ‘close to finalising’ part of a Phase One trade deal

Washington (Web Desk): US and Chinese officials are “close to finalising” some parts of a trade agreement after high-level telephone discussions on Friday.


However, US Trade Representative’s office and China’s Commerce Ministry provided no details on the areas of progress.

The world’s two largest economies are trying to calm a nearly 16-month trade war that is roiling financial markets, disrupting supply chains and slowing global economic growth.

“They made headway on specific issues and the two sides are close to finalising some sections of the agreement. Discussions will go on continuously at the deputy level, and the principals will have another call in the near future,” a statement said.

Washington and Beijing are working to agree on the text for a “Phase 1” trade agreement announced by US President Donald Trump on Oct 11. Trump has said he hopes to sign the deal with China’s President Xi Jinping next month at a summit in Chile.

In a separate statement posted on China’s Ministry of Commerce website on Saturday morning, Beijing confirmed “technical consultations” on some parts of a trade agreement were basically completed.

China’s Commerce Ministry said both sides confirmed the United States will import Chinese-made cooked poultry and catfish products, while China will lift a ban on US poultry.