US and Chinese negotiators spoke on the phone recently about their phase one economic deal, the Chinese commerce ministry said. The two countries signed the accord in January, leading to a partial truce in their trade war. A US statement said the parties "addressed steps that China has taken to effectuate structural changes called for by the agreement.”
Those changes “will ensure greater protection for intellectual property rights, remove impediments to American companies in the areas of financial services and agriculture, and eliminate forced technology transfer,” the office of the US Trade Representative (USTR) said in a statement.US and Chinese negotiators spoke on the phone recently about their phase one economic deal, the Chinese commerce ministry said. The two countries signed the accord in January, leading to a partial truce in their trade war. A US statement said the parties "addressed steps that China has taken to effectuate structural changes called for by the agreement."#
It added that both sides "see progress and are committed to taking the steps necessary to ensure the success of the agreement".
According to the accord, China was to import an additional $200 billion in American products over two years, ranging from cars to machinery and oil to farm products. But the COVID-19 pandemic put pressure on the agreement and China's purchases of those goods has been lagging.
In its statement, Beijing said a ‘constructive dialogue’ between the two sides had "agreed to create conditions and atmosphere to continue to push forward the implementation of the phase one of the China-US economic and trade agreement".
The phase one deal called for officials to hold a ‘check-in’ every six months.
ALCHEMPro News Desk (DS)
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