China in communication with US for proposed board of trade

China and the United States (US) economic and trade teams are maintaining close communication on detailed arrangements for a proposed board of trade, including its structure, functions and operating model.The two sides are also exploring a framework for reciprocal tariff reductions covering $30 billion worth of products from each side, Meng Huating, an official with China’s Ministry of Commerce, said at a press conference, while responding to a question on progress in establishing a board of trade and a board of investment between China and the US.

China and the US are in close contact on a proposed board of trade, including its structure, functions and operating model.
The teams are exploring reciprocal tariff reductions covering $30 billion worth of products from each side.
China is seeking input from enterprises, associations and local governments, while the US is gathering public comments.
Specific product arrangements are to be finalised.

China is soliciting input on the proposed tariff reduction arrangements from domestic enterprises, business associations, local governments and business associations representing US-funded enterprises, according to Meng. The US is also seeking public comments on the board of trade and the reciprocal tariff reduction arrangements.

Meng said the two sides will maintain close communication, finalise tariff reduction arrangements for specific products as soon as possible and work towards implementation to further expand bilateral trade. 

Fibre2Fashion News Desk