China has substantially increased purchases of US farm goods and implemented 50 of 57 technical commitments aimed at lowering structural barriers to US imports since the two nations signed a trade deal in January, the US government said on Friday.
In a joint statement, the US Trade Representative's office and the US Department of Agriculture said China had bought over US$23 billion in US agricultural goods to date, or about 71 per cent of the target set under the so-called Phase One deal. "Since the Agreement entered into force eight months ago, we have seen remarkable improvements in our agricultural trade relationship with China, which will benefit our farmers and ranchers for years to come," US Trade Representative Robert Lighthizer said in a statement.
The deal defused a bitter trade war between the world's two largest economies, but disputes over human rights, the Covid-19 crisis and technology have strained ties between Washington and Beijing, raising doubts about the prospects for deepening the agreement in a second phase. Agriculture is one of the four areas where China pledged to increase its purchases of US goods and services. Many experts question whether China will meet its overall targets this year given lockdowns imposed earlier this year to contain the virus.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »