US business leader says phase-one trade deal with China 'encouraging'
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E-mail Xinhua, December 14, 2019
The phase-one economic and trade deal the United States and China have agreed to is "encouraging" to the U.S. business community, U.S.-China Business Council (USCBC) President Craig Allen said Friday.
"This is an encouraging first phase that puts a floor under further deterioration of the bilateral relationship," Allen said in a USCBC statement sent to Xinhua after Beijing announced a breakthrough in China-U.S. trade talks.
The Chinese side said in a statement 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.
The agreement will help the two countries enhance economic and trade cooperation, effectively manage, control and resolve differences, and promote the steady development of bilateral economic and trade relations, said the Chinese statement, adding that it will also boost confidence of the global market, stabilize market expectations, and create a favorable environment for normal economic, trade and investment activities.
The USCBC, which represents more than 200 U.S. companies that do business in China, said it is "pleased" that U.S. and Chinese negotiators have agreed on a phase-one trade agreement, and hopes that "with progress made on this initial set of issues, sufficient confidence will be restored to enable important structural issues to be addressed and resolved."
"But this is just the beginning," cautioned Allen. "The issues facing the U.S. and China are complex and multi-faceted. They are unlikely to all be resolved quickly."
The U.S. business leader urged the two sides to build on the latest progress, expedite a phase-two agreement, and develop "a new paradigm and economic relationship."
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.
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