Beijing - Saba:
The Chinese Ministry of Commerce announced on Monday that Beijing and Washington have agreed to establish a trade consultation mechanism, following the economic and trade talks held between the two sides in Geneva.
The ministry said in a statement on its official website, as reported by the Russian news agency Sputnik, that "the two sides unanimously agreed to establish a joint Sino-US mechanism to resolve trade and economic issues. The two sides will clarify relevant details as soon as possible, and on May 12, a joint statement on the agreements reached will be issued."
For his part, Chinese Vice Premier He Lifeng stated on Sunday that the high-level economic and trade talks between Beijing and Washington, held in Geneva, were "candid, in-depth, and constructive."
Lifeng added that further consultations will be held on issues of mutual interest.
On Sunday, US Treasury Secretary Scott Bessent announced significant progress in the trade talks between the United States and China, held in Geneva over the past two days.
"I am pleased to report that we have made significant progress between the United States and China in very important trade talks," Bessent said in a statement issued by the White House. "We will provide details tomorrow, but I can say the talks were productive."
US President Donald Trump said in a post on Truth Social: "Today (Sunday) we had an excellent meeting with China in Switzerland. We discussed many things and agreed on much. A comprehensive reset of relations was negotiated in a friendly but constructive manner."
He added: "We want to see, for the benefit of both China and the United States, a Chinese opening to American companies. Significant progress has been made."
Economic and trade talks between China and the United States began in Geneva, Switzerland, on Saturday, aiming to bridge the gap between the two countries following the imposition of hefty tariffs on imports.
China's Xinhua News Agency reported that "economic and trade talks between China and the United States began in Geneva. The meeting was chaired on the Chinese side by He Lifeng, a member of the Political Bureau of the Communist Party of China Central Committee and Vice Premier of the State Council, while the US delegation was headed by Treasury Secretary Scott Besant."
These talks are the first of their kind between the two countries since US President Donald Trump launched a "tariff war" on imports from China and various countries around the world. They aim to ease economic and trade tensions between the two countries.
Trade relations between the United States and China deteriorated after US President Donald Trump imposed additional tariffs on Beijing on April 2. Beijing described Washington's actions as a "trade war," while the White House spoke of the need for talks.
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