US, China hold first trade committee meeting ahead of APEC bilateral summit

(Shanghai = Yonhap News) Correspondent Cha Byeong-seop = Ahead of the US-China bilateral summit to be held on the occasion of the Asia-Pacific Economic Cooperation (APEC) summit to be held in China on the 18th to 19th (local time), the trade committee meeting, which the two countries had previously agreed to establish, was held for the first time.

China's Ministry of Commerce announced on the 14th that the US and China held the first meeting of the trade committee under the economic and trade negotiation mechanism virtually on the 13th.

He went on to say that they exchanged frank, in-depth and constructive opinions regarding the implementation of the results of the U.S.-China trade negotiations, and that the two countries discussed ways to reduce tariffs on each other's imports worth about $30 billion, as well as tariffs, trade in agricultural products, and other issues of interest to each other.

The Ministry of Commerce said, "Both sides will continue to strengthen communication through the Trade Council, pursue resolution of their respective economic and trade concerns, increase the list of cooperation and reduce the list of problems," and added, "It will contribute to the establishment of a constructive, strategic and stable relationship between the United States and China that is respectful, fair, and equal."

The Office of the U.S. Trade Representative (USTR) also confirmed through social media, "On the 13th, USTR and the U.S. Treasury held the first official U.S.-China Trade Committee meeting with their Chinese counterparts."

USTR continued, “The U.S. administration of Donald Trump looks forward to continued consultations with China as it works to establish fair and balanced trade between the two largest economies.”