China urges mutual respect, working under WTO rules to reach an agreement
US President Donald J. Trump (R) and Chinese President Xi Jinping (L) review soldiers of the Chinese People's Liberation Army honor guard during a welcome ceremony at the Great Hall of the People in Beijing, China, 09 November 2017. EPA-EFE FILE/ROMAN PILIPEY
Beijing, Jun 24 (efe-epa).- The president of China is set to urge his United States counterpart for mutual respect and working under the rules of the World Trade Organization when they meet in the upcoming G20 Summit in Osaka, Japan, to resolve the ongoing trade tensions between the two countries.
Chinese Vice Commerce Minister Wang Shouwen during a press conference on Beijing's position in the G20 on Monday said negotiating teams from both sides have been involved in talks in the last few days, although he did not give further details on it.
He said that China's principles are mutual respect, treating others as equals and respecting the rules of the WTO, and added there should be commitment from both the sides while speaking about the upcoming meeting between Xi Jinping and Donald Trump in Osaka, during the summit.
The G20 summit is set to take place between 28-29 June.
Wang emphasized that unilateralism and protectionism have reduced the world's economic growth and have led to uncertainties.
WTO data, according to Wang, shows that international trade is at its lowest level since March 2010 and worldwide foreign investment dropped to the level it was during the beginning of the global financial crisis.
Wang said China supports the consensus on WTO reform, adding that the G20 must support free, non-discriminatory and transparent trade, including promoting deeper integration between trade and digital economy.
He said the agreement on the trade dispute with the US needs to be beneficial for both sides and the two countries need to be committed and need to compromise.
Assistant Foreign Minister Zhang Jun said the G20 will take place at a time when the economy is facing more risks and uncertainties and added that China will play a constructive role in the meeting.
He announced that Xi is set to hold several bilateral meetings in Osaka and will also meet the presidents of the BRICS (Brazil, Russia,India, China and South Africa) countries.
The next BRICS summit will be held on Nov. 13 and 14 in Brazil.
Zhang, in reference to the meeting in Osaka, said that China will carry a strong message in defense of multilateralism and added that impositions should not be there to be able to take the global economy onto the right path once again.
Xi and Trump held a telephone conversation last week to discuss the tariff conflict during which they also discussed their meeting in Osaka.
Trump, according to Chinese media, said the entire world was waiting for the two countries to come to an agreement and said negotiating teams should carry on their ongoing discussions to resolve and close the conflict as soon as possible.
Xi did not mention any possible agreement but did say relations between the US and China had encountered some difficulties.
Xi stressed that Washington must treat Chinese firms fairly, in a clear reference to a ban imposed on Chinese telecommunications giant Huawei - which is expected to see its revenue reduced by $30 billion due to the conflict - by the US authorities.
Despite signs indicating an agreement is not far away, Washington and China distanced themselves last May and the situation became aggravated after Trump went ahead with his threat to increase tariffs on Chinese goods.