The phase-one economic and trade agreement just announced by the United States and China marked an important first step, said former U.S. Treasury Secretary Henry Paulson on Friday.

"This is the first bilateral trade deal in 20 years -- it was hard fought, hard won and long overdue," he said in a statement. "While the issues between the U.S. and China extend far beyond trade, this is a first step toward completing a comprehensive trade agreement."

Shortly earlier, the Chinese side announced that the two sides have agreed on the text of a phase-one economic and trade agreement based on the principle of equality and mutual respect, and reached consensus that the U.S. side will fulfill its commitments to phase out its additional tariffs on Chinese products.

"It is an important one because of the immediate economic benefits it will drive and because it demonstrates to the citizens of both countries that their leaders can accomplish important things," commented Paulson.

The two sides are expected to complete their necessary procedures including legal review, translation and proofreading as soon as possible, and discuss the detailed arrangements for officially signing the agreement.

Beijing has expressed hope that after the signing, both sides will comply with and earnestly implement the provisions of the phase-one deal, do more to promote the development of bilateral economic and trade relations as well as global economic and financial stability, and safeguard the peace and prosperity of the world.

"It is in our mutual interest to build on this success," said the former U.S. treasury secretary.

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