China and the United States are maintaining close communication as they work to accelerate the implementation of planned tariff reduction measures aimed at expanding bilateral trade, Chinese officials said on Thursday.
Speaking at a regular press briefing in Beijing, Meng Huating, Director-General of the Department of Foreign Investment Administration at China’s Ministry of Commerce, provided an update on the progress of the proposed China-U.S. Trade Council and China-U.S. Investment Council.
Responding to questions from reporters, Meng said that the economic and trade teams of both countries are engaged in intensive consultations on the structure, functions, and operational framework of the proposed trade council.
He added that both sides are working to implement a mutual tariff reduction framework covering US$30 billion in trade.
According to Meng, China is broadly soliciting opinions on the proposed tariff reduction measures from Chinese enterprises, business associations, local governments, U.S.-invested companies operating in China, and American business organizations. The United States is also conducting public consultations on the establishment of the trade council and the reciprocal tariff reduction arrangements.
Meng said both countries will continue close coordination with the aim of reaching an agreement on tariff reductions for specific products as soon as possible, paving the way for further expansion of bilateral trade and economic cooperation.
Source: Tuhina, Touhid and Shuyei, China Media Group (CMG).