China confident it will reach agreement with U.S. in 90 days: MOC

The meeting between China and the U.S. on trade relations was very successful with highly overlapping interests between the two countries, and China is confident it will reach an agreement on trade with the U.S. side in the next 90 days, according to the spokesperson of China's Ministry of Commerce (MOFCOM) Thursday during a regular news briefing.

National flags of China and America. [Photo:IC]

"China has reached a consensus with the U.S. on agriculture, energy and cars. In the following 90 days, China and the U.S. will negotiate on various issues including the protection of intellectual property rights, technical cooperation, market access and trade balance in accordance with a clear timetable," said MOFCOM spokesperson Gao Feng.

Specific negotiation areas will cover agricultural products, energy, manufactured goods, and service sector.

"The ultimate goal in China-U.S. trade talks is to remove all tariffs," added Gao.

In response to query that China is currently making major concessions to Washington amid trade frictions, Gao noted that it is not a zero-sum game given shared desire of protecting intellectual property rights and widening market access to each other.

"It also highly coincides with China's trend to deepen reforms and push for openness. China will conduct negotiations with the U.S. on the groundwork of mutual respect, equality and mutual benefit, as a way to foster better business climate for both sides."