Vice Commerce Minister Wang Shouwen announced on Friday that China and the US have made a breakthrough in trade negotiations, with a consensus agreement reached for a phase-one deal that will halt further tariff increases and lower some already in place.Better hurry up and get updates for your Talking Points.
Speaking in a late-night press conference in Beijing, Wang said the agreement covered a wide range of issues, including intellectual property protection, technology transfer, purchase of agricultural products and expanding trade.
The Office of the United States Trade Representative confirmed the agreement on Friday, saying in a statement: "The United States and China have reached an historic and enforceable agreement on a Phase One trade deal that requires structural reforms and other changes to China's economic and trade regime in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange."
Wang said the nations have had in-depth discussions about intellectual property protection, including protecting IP in the pharmaceutical industry, and about cracking down on counterfeiting on e-commerce platforms and have agreed on an enforcement mechanism.
"These measures are in line with our reforms to strengthen IP protection, and this will also help China promote its economic development," Wang said.
The first phase also includes commitments from China to reform its intellectual property protection regime, further opening its services sector, and will take steps to mitigate charges of currency manipulation and tackle forced technology transfer from foreign companies, Wang said.