The signing ceremony was held in Washington on Wednesday.
The official signing ceremony of the historic trade and economic agreement between the United States and China was held in Washington on Wednesday, according to an official statement from the White House.
Under the agreement, China is committed to significant reforms in some key areas and to increase significantly purchases of American goods and services in the coming years. The agreement is backed by a robust dispute resolution system that will ensure timely and effective compliance with the terms of the historic agreement.
The agreement covers areas such as protecting intellectual property, ending forced technology transfers, increasing purchases of US agricultural products, removing barriers to US financial services, ending currency manipulation, rebalancing US-China trade relations, and resolving disputes.
Among the participants of the ceremony: US President Donald Trump, Vice President Mike Pence, acting white house chief of staff Mick Mulvaney, national security adviser Robert O’Brien and several other prominent representatives of the administration and members of Congress.
Vice Premier of the State Council of China Liu He headed the Chinese delegation.
“By working together, we are correcting the mistakes of the past,” Trump said, adding that he plans to go to China “in the not-so-distant future.”
The US leader called the agreement “an incredible deal for the US” that will lead to “stable world peace.”
Liu He read a letter from Chinese President XI Jinping, which said: “As the next step, the parties need to implement fully the agreement.”
The agreement on the so-called “first phase” of the agreement was reached in mid-December.
The United States has already excluded China from the list of currency manipulators, and the agreement provides that Washington will also refuse to impose new duties on Chinese goods and halve duties on goods worth about $ 110 billion. At the same time, duties on goods worth about $ 360 billion will remain in force.
The agreement does not address the issue of government subsidies to Chinese state-owned companies. This issue is likely to be discussed during the next phase of negotiations.