'Confident' nation to act quickly on trade consensus

China and the US are expected to advance negotiations in an equal and mutually beneficial manner within 90 days. [Photo/IC]

China will soon implement parts of the new consensus with the United States on agricultural products, energy and automobiles, the Ministry of Commerce said on Thursday.

Within 90 days, China and the US are expected to advance negotiations in an equal and mutually beneficial manner, with the aim of canceling all additional tariffs imposed in recent months, ministry spokesman Gao Feng said.

Gao reiterated that the latest meeting between the two presidents on economic and trade issues was successful.

"Teams from both countries are currently communicating smoothly, and we are confident that the two parties will reach an agreement within 90 days," he said.

China and the US share common interests in such fields as intellectual property rights, promoting fair competition and relaxing market access, Gao said, adding that these are in line with China's deepening of reform and opening-up.

Experts said disparities between China and the US are inevitable, but that does not change the overall picture of economic compatibility.

The nations are highly complementary in trade structure, and healthy bilateral business ties are in the fun-damental interest of both countries and the world, said Xue Rongjiu, deputy director of the Beijing-based China Society for WTO Studies.

Long Guoqiang, vice-president of the State Council's Development Research Center, said the Sino-US economic and trade relationship has encountered headwinds in the past few decades, but their comprehensive and mutually beneficial ties remained unchanged.

Yao Xue, general manager in China for Hurco Companies Inc, a US-based industrial technology concern, said he has a firm belief that the two governments can find proper solutions and help deepen collaboration between companies.

Thomas Pellette, a group president of US construction machinery giant Caterpillar Inc, said he hopes China and the US will address trade issues as soon as possible. The company does not plan to change its long-term strategy in China, he said.

Sang Baichuan, a professor at the University of International Business and Economics in Beijing, said China has been eager to enhance IP protection and offer more market access to global businesses.

"The government will continue to create more space for companies from both countries to deepen cooperation, especially in the high-tech and clean energy sectors," Sang said.