Kuala lumpur: China and United States delegations have reached basic agreements to address their respective trade concerns following two days of discussions. The Chinese Vice Premier, He Lifeng, met with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in Kuala Lumpur from Saturday to Sunday to engage in these talks.

According to Namibia Press Agency, the discussions were guided by important agreements reached by the two heads of state during phone conversations earlier this year. The two sides engaged in candid, in-depth, and constructive exchanges on significant trade and economic issues of mutual concern. These issues included the U.S. Section 301 measures on China’s maritime, logistics, and shipbuilding sectors, extension of the suspension of reciprocal tariffs, cooperation on fentanyl-related tariffs and law enforcement, trade in agricultural products, and export controls.

Both parties agreed to work out specific details and adhere to the domestic approval processes of each side. Vice Premier He emphasized that maintaining stable China-U.S. trade relations serves the interests of both countries and the global community. He stressed the need for mutual respect, peaceful coexistence, and win-win cooperation to address economic and trade differences.

He urged the U.S. to collaborate with China to implement the key agreements reached by the two heads of state and the outcomes of bilateral trade talks this year. This would include building mutual trust, managing differences, expanding cooperation, and elevating China-U.S. economic and trade relations.

The U.S. representatives acknowledged the significance of the U.S.-China economic and trade relationship and expressed willingness to work with China in a spirit of equality and respect. They aim to address differences, deepen cooperation, and promote shared development.

Both sides agreed to utilize the China-U.S. economic and trade consultation mechanism, maintain communication on economic and trade concerns, and promote healthy, stable, and sustainable development of economic and trade relations. This is intended to benefit both nations and contribute to global prosperity.