India clocks 12 pc rise in deal volume in Jan-Oct, China sees 23 pc decline
India saw 11.9 per cent increase in deal volume (year-on-year) in the January-October period, bucking the overall trend in the Asia-Pacific region, a new report has said.
US President Donald Trump on Tuesday said that he will sign an initial phase one trade agreement with China on January 15.
The pact, a “phase one” deal, is expected to reduce tensions between the two economic giants.
President Trump said the treaty would be signed in the presence of “high level representatives” from China, BBC reported.
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“At a later date I will be going to Beijing where talks will begin on Phase Two!” Trump further added.
On December 21, President Trump said that the United States and China would “very shortly” sign their so-called Phase One trade pact.
The Phase One deal was announced as part of a bid to end the months-long tit-for-tat trade war between the world’s two largest economies, which has roiled markets and hit global growth.
Chinese President Xi Jinping said that phase one economic and trade deal between China and the US does not only benefits the two economic.
Xi Jinping spoke to his US counterpart Donald Trump over the phone and noted that the countries have reached the phase-one agreement on the basis of the principle of equality and mutual respect giants but also the whole world.
The “phase one” is a partial resolution that is expected to see China boost imports of US agricultural and other goods, while Washington has eased massive tariffs on Chinese imports.
According to the two countries, the phase one agreement addresses issues including technology transfer, intellectual property, trade expansion and the establishment of mechanisms for dispute resolution.
China had called for a rollback of existing tariffs, to which Trump has said he did not agree. American officials want large purchases of US farm exports.
In September, the US had imposed fresh tariffs on $112 billion worth of Chinese imported goods, marking a sharp escalation of the bruising trade war between the world’s two largest economies.
Donald Trump launched the trade war as part of his “America First” bid to lower a wide trade deficit with China, but the tariffs imposed thus far have barely made a dent in that gap.
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