China-US phase one trade deal has bearing on world peace

  • Thursday 16, January 2020 09:26 AM
Sharjah24 – Reuters: Chinese Vice Premier Liu He said Wednesday in Washington D.C. that the phase one economic and trade agreement between China and the United States is well beyond an economic deal, as it also has a bearing on world peace and prosperity.
China and the United States formally signed their phase one economic and trade agreement on the day, with Liu and U.S. President Donald Trump inking the historic papers at the White House.

Liu said at the signing ceremony that as two great countries with important responsibilities in international affairs, China and the United States proceeded from the overall interests, faced up to and managed their differences, and reached the phase one economic and trade agreement. This is a mutually beneficial agreement that can stabilise economic growth, promote world peace and prosperity, and serve the interests of producers, consumers and investors around the world. Meanwhile, the agreement does not target or affect the legitimate rights and interests of any third party, and complies with the rules of the World Trade Organisation.

"China will work with the U.S. side to uphold the principle of equality and mutual respect, strictly abide by the terms of the agreement, accommodate each other's core concerns and work hard to implement the phase one agreement. This is not only an urgent task, but also an important action for the future development of bilateral economic and trade relations," said Liu.

Liu said as the living standards of the Chinese people improve, China will increase the import of quality agricultural products from countries around the world. The two sides agreed that Chinese companies would buy 40 billion U.S. dollars worth of agricultural products from the U.S. annually over the next two years, based on market conditions and according to the demand of China's domestic market. China will complete the building of a moderately prosperous society in an all-round way this year, and a huge domestic market is taking shape. China welcomes investors from all over the world, including the United States, to invest in China, and is willing to expand the import of quality products and services from all countries. Thee door of China's opening-up will open wider to the outside world.

Liu stressed that the world is at an important historic crossroads. Practice has proved, and will prove once again, that cooperation benefits both countries while confrontation hurts both. Cooperation is the only right way out.

"We should bear in mind the overall interests of peace and development of mankind, uphold equal consultation and mutual respect for the common destiny of mankind, promote sound development of China-U.S. relations based on coordination, cooperation and stability, and strive to fulfill our great historical mission," added Liu.

Trump said at the signing ceremony that the historic phase one trade and economic agreement between the United States and China is a good thing for the two countries and the world. Today's signing is a fresh start. He hopes the agreement can be implemented in real earnest and have a positive impact on U.S.-China economic and trade relations. He expects the two sides to continue to push forward the next stage of negotiations and make more progress. The U.S. attaches great importance to the bilateral economic and trade cooperation and is willing to maintain close communication with China. He believed that the two sides can properly handle differences and maintain the smooth development of bilateral relations.

U.S. Vice President Mike Pence, Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and other U.S. officials, all members of the Chinese delegation, U.S. lawmakers, representatives of local governments and various sectors attended the signing ceremony.