Beijing Says Details on China-U.S. Trade Framework Confirmed, Review & Approval for Exports Followed

TMTPOST -- China on Friday confirmed it took further steps to finalize and implement the trade framework it reached through negotiations with the U.S. in London earlier this month.

Credit：Xinhua News Agency

Economic and trade teams from China and the United States have recently further confirmed the details on the framework for implementing the important consensus reached by leaders of two states during their phone calls on June 5, a spokesperson for China's Ministry of Commerce (MOFCOM) said Friday, according to a statement released by the ministry.

China will review and approve applications for the export of eligible controlled items in accordance with the law, and the United States will remove a series of restrictive measures imposed on China accordingly, the spokesperson said.

The spokesperson didn’t elaborate on the aforementioned details on the framework, neither provided more information such as how China will handle application for exports of rare earth magnets, which are widely used in the auto industry and also required by manufacturers of semiconductors, medical imaging chemicals, robots, offshore wind turbines and a broad range of military hardware.

The spokesperson responded to a media query about recent U.S. officials’ remarks and reports that China and the U.S have agreed on implementing the framework secured during talks in Geneva, and then China will expedite rare-earth exports, in exchange, U.S. will lift certain measures against it.

China hopes that the United States will leverage the role of the China-U.S. economic and trade consultation mechanism further, enhance mutual understanding continuously, reduce misunderstandings, and strengthen cooperation to promote the healthy, stable and sustainable development of China-U.S. economic and trade relations, the spokesperson said.

China and the United States have agreed in principle the framework for implementing consensus between the two heads of state during their phone talks on June 5, as well as those reached at Geneva talks, China’s state news agency Xinhua on June 10 cited Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce.

Li described the trade talks from June 9 to 10 as professional, rational, in-depth and candid exchanges, Xinhua reported, adding that Li made the remarks when briefing the press following the first meeting of the China-U.S. economic and trade consultation mechanism held in London.

China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, Chinese Vice Premier He Lifeng said during the meeting in London with U.S. counterparrts including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.