A+ A-

China FM says 'phase one' deal with US "positive sign"

BEIJING, Dec 15 (KUNA) -- An initial trade agreement between China and the US is a positive sign for both countries as well as the rest of the world, China's top diplomat said on Sunday.
"There are no winners in any trade or economic war," Foreign Minister Wang Yi said amid a press conference alongside his Slovenian counterpart Miro Cerar, pointing out that Beijing firmly opposes all "violations" of World Trade Organization guidelines.
As per the terms of a "phase one" trade deal, US tariffs on Chinese goods will be reduced in exchange for more Chinese purchases of American farm, energy and manufactured products, he said.
He said the deal meets China's demands for economic growth, in addition to the ambitions of the international community, hoping that the agreement would help restore some "normalcy" to Beijing's ties with Washington.
On the issues of contention between China and the US, he hoped both countries would work together to sort out these matters, urging the international community to put in place an environment conducive for global investment.
China and the US on Friday reached a "phase one" trade deal that entails tariff relief, more agricultural purchases and structural changes to intellectual property, in addition to technology matters. (end) mab.nam