After some speculation, the Chinese government confirmed its assent to a marathon of trade talks. This important development gives hope to more deals this week. This unexpected move comes as China and its trade partners are deep in discussions to respond to the economic fallout from COVID-19.
This deal is a huge step forward in the global trading relationship. It’s an indication that China is prepared to be more transparent and forthcoming in its interactions with other countries. We believe that this action will foster a more collaborative environment. In turn, we may start to see these new trade agreements take shape in the days ahead.
Still, according to sources close to both the negotiations and the work going into them, the talks have largely maintained a spirit of collaboration. These discussions have focused on a number of important themes. Tariffs and access to markets have historically been some of the most incendiary points of contention between China and its economic allies. The new settlement meets the call for costly reform. In addition, it seeks to normalize international trade competitive landscape.
Relatedly, industry insiders are saying that this week could see a tsunami of new trade deals. Negotiators are still hard at work on outstanding issues to bring it about. The public are still hoping for consensus. This public enthusiasm reflects a new realization of the shared economic opportunity that can be found through expanding harmonic trade relationships.
This advancement arrives at an important moment. For one, recent global disruptions have made numerous countries much more keen to deepen economic connections. A successful outcome this week would not only strengthen US-China bilateral trade, but provide a boost to global economic stability in a mutually beneficial way.