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CHINA, U.S. COMMIT TO IMPLEMENT TRADE DEAL

Why in news?

Chinese and U.S. trade representatives agreed on 8th May  to “create favourable conditions” for the phase one trade deal signed in January 2020, officials said, despite recent tensions over the coronavirus pandemic.

Good progress

  • Both sides said they should strengthen macroeconomic and public health cooperation, strive to create a favourable atmosphere and conditions for the implementation of the phase one U.S.-China economic and trade agreement, promoting positive results.
  • U.S. officials said after the call that both parties agreed “good progress” is being made on creating the governmental infrastructures needed to make the agreement a success.
  • They also agreed that in spite of the current global health emergency, both countries fully expect to meet their obligations under the agreement in a timely manner.
  • The countries have also agreed to maintain communication and coordination.

Learn about the U.S. China Trade War in the past with the help of this infographic :https://www.legacyias.com/trade-war-implications-for-india/

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September 2022
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