ECONOMY

China issues text of Phase 1 trade deal, commitments in line with US version

Flags of US and China are displayed at American International Chamber of Commerce (AICC)’s booth during China International Fair for Trade in Services in Beijing, China, May 28, 2019. (File photo: Reuters)

China’s finance ministry released the Chinese-language version of the Phase 1 trade deal signed in Washington on Wednesday to boost Chinese purchases of US products and defuse a months-long trade dispute.

China agreed to buy at least $200 billion in additional US goods and services over two years, including $32 billion in additional imports of US farm products, according to the Chinese text released on Thursday, in line with the monetary values and time-frame mentioned in the US version.

China and the United States acknowledged that purchases will be made at market prices based on commercial considerations, and that market conditions, particularly for agricultural goods, may dictate timing of purchases in any given year, according to both versions of the text.
 

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Last Update: Thursday, 16 January 2020 KSA 06:32 - GMT 03:32
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