China to hold consultation with U.S., strive for consensus on major issues of common concern: MOC

China’s Ministry of Commerce (MOC) said on Thursday that the ultimate goal of Sino-U.S. trade talks was to remove all additional tariffs, adding that China will hold consultation with the U.S. on issues of common concern and strive to reach consensus.

China and the U.S. have highly overlapping interests in economic and trade issues and share complementarity in structural demands, MOC spokesman Gao Feng told a press briefing.

The two sides have been communicating and cooperating smoothly, and China was confident in striking a deal with the U.S. within the next 90 days, Gao said.

China will immediately implement the consensus that the two sides have already reached, starting with agricultural products, energy and automobiles, Gao said.

“In the next 90 days, we will follow a clear timetable and roadmap to hold consultation on issues of intellectual property rights protection, technological cooperation, market access and trade balance that conform to the interests and demands of both sides, and the two sides should strive to reach consensus,” Gao said.

“China has been expanding imports over the years in order to meet the Chinese people’s demand for better lives and high-quality development,” he said, adding that after reaching preliminary consensus on trade issues of farm produce and energy during the previous consultations, the two sides will continue to hold consultation on these issues plus manufactured goods and service trade.

The two countries, and companies from both sides, share common interests on intellectual property rights protection, fair competition and broadening market access, which are all highly compatible with China’s reform and opening-up drive.

China will hold consultation with the U.S. on these issues on the basis of mutual respect, equality and mutual benefits, to create a better business environment for enterprises from both countries.

Chinese President Xi Jinping and his U.S. counterpart Donald Trump recently held a meeting at a working dinner in Buenos Aires, reaching important consensus and agreeing not to impose new additional tariffs.