China, U.S. maintain close communication on board of trade arrangements

BEIJING, July 23 (Xinhua) -- The economic and trade teams of China and the United States are maintaining close communication on specific arrangements regarding the structure, functions and operating model of a board of trade, a Chinese commerce official said Thursday.

The two sides are also exploring a framework for reciprocal tariff reductions covering 30 billion U.S. dollars worth of products from each side, said Meng Huating, an official with the Ministry of Commerce.

Meng made the remarks at a press conference when responding to a question about progress in establishing a board of trade and a board of investment between China and the United States.

China is soliciting input on the proposed tariff reduction arrangements from a broad range of stakeholders, including domestic enterprises, business associations, local governments and business associations representing U.S.-funded enterprises. The United States is also soliciting public comments on the board of trade and the reciprocal tariff reduction arrangements.

The two sides will maintain close communication, finalize tariff reduction arrangements for specific products as soon as possible and work toward their implementation to further expand bilateral trade, Meng said.