China and US keep close communication on signing of phase one deal

19.12.2019 - Davydova Maria
China and US keep close communication on signing of phase one deal

The United States and China are keeping close communication on the signing of the phase one trade deal, China’s commerce ministry said. The phase one of the deal will see to decrease the tariffs imposed on Chinese goods and to boost higher Chinese purchases of US energy, farm, and manufactured goods.

The phase one of the deal was announced last week, giving progress to the two years on-and-off negotiations between the two parties.

The two countries are keeping close communication, said Chinese commerce ministry spokesman Gao Feng. He added that there were no specific information regarding the deal to be revealed yet.

“After the official signing of the deal, the content of the agreement will be made public,” Gao said.

U.S. officials stated that China has agreed to raise purchase of U.S. products and services in the next two years for almost $200 billion.

Washington said that it will include additional purchases of U.S. farm products worth $32 billion. On average, it would amount to $40 billion annually, compared to the $24 billion worth of farm products in 2017, before the trade war started.

Chinese officials have not yet confirmed Washington’s statements about the trade deals, especially on the subject of US products. However, in China’s announcement of the deal, it said that more importations of U.S. rice, wheat, corn, pharmaceuticals, energy, and financial services are included.

On Thursday, China released the list of U.S. imports that are exempted in the tariffs, including chemical products. The second list is yet to be announced.

Washington also said that the trade deal includes stronger legal protection on trademarks, patents, and copyrights.

The two parties have consensually agreed to keep the trade secrets private to protect intellectual property rights and crack down on counterfeits and pirated goods, said Chinese Vice Minister of Commerce.

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