China, US seek to stabilize trade relations

China and the United States should work together to create a favorable environment for practical cooperation in agriculture and other sectors, a statement released by the Ministry of Commerce on Wednesday said.

Li Chenggang, China international trade representative with the Ministry of Commerce and vice-minister of commerce, said during a meeting with a US agricultural trade delegation in Beijing on Tuesday that sound China-US economic and trade relations benefit not only both countries but also the world.

Since May, the two sides' economic and trade teams have held five rounds of talks under the strategic guidance of the important consensus reached by the two heads of state, helping stabilize bilateral trade ties, Li said.

This fully demonstrates that guided by the principles of equality, mutual respect and reciprocity, China and the US can find solutions through dialogue and cooperation, he added.

Recognizing that the two countries are major trading partners in agricultural products, Li said recent fluctuations in China-US agricultural product trade stem from Washington's unilateral tariff measures, adding that the two sides have complementary strengths in natural endowments, markets, capital and technology, and enjoy broad space for cooperation.

He expressed the hope that the US would work with China to take a long-term view and foster a favorable atmosphere for substantive cooperation in agriculture and other fields.

Members of the US delegation said that China is an important export market for US agricultural products, and the agricultural community in the country values its partnership with China.

Stable China-US economic and trade relations are essential for agricultural trade, they said, expressing hope that bilateral ties would maintain a sound growth momentum.

Jim Sutter, CEO of US Soybean Export Council, said, "We believe that enduring partnerships, built on trust and mutual benefit, are essential to navigating uncertainty."

To this end, the council is actively engaging with stakeholders, customers and suppliers across both China and the US to ensure soybean trade remains stable and predictable, said Sutter.

"By combining open communication, flexible logistics and a problem-solving mindset, we strive to provide Chinese customers with stable and predictable deliveries of US soybeans, no matter what external challenges arise. We hope we can soon reengage our soybean exports to China," he added.

Also upbeat about the Chinese market, US agribusiness giant ADM announced on Wednesday that it would sign new cooperation agreements with major Chinese partners — including COFCO Group and China Grain Reserves Group — worth more than 20 billion yuan ($2.8 billion) during the ongoing 8th China International Import Expo in Shanghai.

The US company will put its second animal nutrition facility into operation in Tianjin next year, further enhancing both production capacity and responsiveness to market needs.

Fabiana Bianchi, president of ADM Asia-Pacific, said the CIIE has built an important bridge between China and the world, reflecting the power of openness, innovation and shared growth.

"For ADM, it is not only a platform to showcase innovation, but also an opportunity to deepen collaboration and drive shared progress," said Bianchi.

Lifting export control

In another development, the Ministry of Commerce announced on Wednesday that China will lift export control measures on 15 US entities and extend the suspension of such measures for another 16 entities for a year, effective Monday.

Exporters that wish to ship dual-use items to these entities must submit an application to China's Ministry of Commerce. The ministry will review the applications in accordance with relevant laws and regulations, and will grant approval to those that meet the required conditions.

A separate ministry statement also released on Wednesday said that China will remove or continue to suspend for a year certain measures imposed in March and April against several US entities that were previously added to China's unreliable entity list, also effective Monday.

In addition, China will continue to suspend the 24-percent additional tariff on imports from the US for one year while retaining the 10-percent rate, according to an announcement released on Wednesday by the Customs Tariff Commission of the State Council.

China will make the adjustment from 1:01 pm on Monday, the commission said, noting that the move aims to implement the outcomes and consensus reached in the China-US economic and trade talks.

zhongnan@chinadaily.com.cn