China recently urged the United States to create decent conditions to expand bilateral trade cooperation as the Phase One trade deal will expire early next year, according to the former’s ministry of commerce (MOFCOM).

MOFCOM spokesperson Gao Feng told a routine press conference in Beijing that since the deal came into effect, China has strived to overcome negative factors, including the pandemic, the global economic recession and the disruptions of supply chains, to push both sides to implement the deal.

Under the Phase One trade deal, China had agreed to expand its purchases of US agricultural and other products by $200 billion over 2020 and 2021 from 2017 levels.

China has urged the US to create decent conditions to expand bilateral trade cooperation as the Phase One trade deal will expire early next year, according to the former’s ministry of commerce, which said since the deal came into effect, China has strived to overcome negative factors, including the pandemic, to push both sides to implement the deal.

US and Chinese economic and trade teams have maintained normal communication, and any new developments will be made public at the earliest time, he was quoted as saying by official Chinese media.

From January to November, bilateral trade between the world’s two largest economies hit $682.32 billion, a year-on-year increase of 30.2 per cent, and China’s exports to the US increased by 28.3 per cent year on year, while imports grew by 36.9 per cent, according to data released by Chinese customs.

Fibre2Fashion News Desk (DS)