BEIJING: China’s vice premier and top trade negotiator stressed the need for Beijing and Washington to strengthen cooperation and reduce “misunderstandings” in future dialogue, according to state media on Wednesday following trade talks in London.
After months of global turmoil as the world’s two largest economies squared off over reciprocal tariffs, the two sides “made new progress in resolving each other’s economic and trade concerns”, state broadcaster CCTV reported.
The London negotiations follow talks in Geneva last month, which saw a temporary agreement to lower tariffs.
“As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation,“ vice premier He Lifeng said, according to state broadcaster CCTV.
Top officials from the United States and China said Tuesday that they had agreed on a “framework” to move forward on trade, following two days of high-level talks in the British capital to resolve tensions.
US Commerce Secretary Howard Lutnick expressed optimism after a full day of negotiations that concerns surrounding rare earth minerals and magnets “will be resolved” eventually, as the deal is implemented.
But this framework will first need to be approved by leaders in Washington and Beijing, officials said, at the end of meetings at London’s historic Lancaster House.
In its readout of the talks released Wednesday, Beijing’s state media said the Chinese side “reiterated that the two sides should meet each other halfway, keep promises and fulfil actions”.
“The two sides had candid and in-depth dialogue (and) exchanged in-depth views on economic and trade issues of mutual concern,“ it said.
They “reached a consensus in principle on the framework of measures to implement the important consensus reached by the two heads of state in their June 5 phone call”, the broadcaster added, referring to recent talks between leaders Xi Jinping and Donald Trump.
This time, China’s exports of rare earth minerals -- used in a range of things including smartphones, electric vehicle batteries and green technology -- were a key issue on the agenda, with Washington accusing Beijing of dragging its feet on approving exports.
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