The White house has released a Joint statement of the United States and China regarding trade consultations. This follows President Trump and President Xi Jinping agreement to engage in their respective delegates regarding trade in Washington.
There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China. Both sides have agreed on meaningful increases in U.S. agriculture and energy exports. The United States will send a team to China to work out the details.
Part of the joint statement reads ,”There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China. To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services. This will help support growth and employment in the United States.”
The delegations also discussed expanding trade in manufactured goods and services. There was consensus on the need to create favorable conditions to increase trade in these areas.
Both of the nations agreed to attach paramount importance to intellectual property protections, and agreed to strengthen cooperation. China will now advance relevant amendments to its laws and regulations in this area, including the Patent Law.
The statement recognised the need to encourage two-way investment and to strive to create a fair, level playing field for competition.This even as they continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.
