Beijing, June 24: China’s vice commerce minister Wang Shouwen has on Monday said both the United States and China should make compromises in disputed trade talks, ahead of much-predicted meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit scheduled to take place this week in Osaka, Japan.
Last week, the US and China said they were making efforts to revive dialogues on trade ahead of the Xi-Trump meeting. Negotiations to reach a trade deal broke down after the US officials accused last month Bejing of stepping back from previously agreed commitments.
According to Reuters news reports, Wang, deputy China International Trade Representative, speaking at a media briefing on the summit, said negotiations between both sides’ trade teams were underway, however, he gave no further details.
He said Beijing’s principles are crystal clear that are equality, mutual respect, mutual benefits, as well as meeting each other halfway.
“Mutual respect means each side must respect the other’s sovereignty,” Wang said.
“Equality and mutual benefit means the consultations have to happen on an equal basis, the agreement to be reached has to be beneficial for both sides,” he said.
“Meeting each other halfway means both sides have to compromise and make concessions, not just one side,” the minister added.
Washington values its trade and economic cooperation and relation with Beijing, Trump said during his telephonic conversation. Trump hoped for both the nations to closely study the issue and resolve the ongoing trade spat as soon as possible.
Trump further said the world hopes China and the US reach a deal agreement soon. Xi said both the nations “lose from confrontation” and gain from cooperation, according to Xinhua news reports.
During the conversation, Xi expressed willingness to meet and hold talks with the US president at the G20 summit in Japan and discuss bilateral relations. He also stated two nations should also solve their issues through dialogues on “an equal footing”.
Also read: China’ Xi, US’ Trump hold telephonic talks amidst trade war ahead of G20 summit