CHINA and the United States formally signed their phase-one economic and trade agreement in Washington on Wednesday, with Vice Premier Liu He and U.S. President Donald Trump inking the papers in the White House.

Speaking at the signing ceremony, Liu, chief of the Chinese side of the China-U.S. comprehensive economic dialogue, first conveyed a message of President Xi Jinping to Trump.

The conclusion of the agreement is good for China, the United States and the whole world, Xi said in the message read out by the vice premier.

“It also shows that our two countries have the ability to act on the basis of equality and mutual respect, and work through dialogue and consultation to properly handle and effectively resolve relevant issues,” read the message.

Xi voiced hope that the U.S. side will treat fairly Chinese companies and their regular economic, trade and investment activities, and give support to the collaboration between enterprises, research institutes, and schools and colleges of the two countries, as it will help enhance mutual trust and cooperation between the two sides.

Liu noted that the deal is in line with the WTO rules and is neither directed at nor will affect the lawful rights and interests of any third party.

China welcomes investors from around the world, including those from the United States, and will expand the import of quality products and services from countries around the world, he said, adding that China will open further to the world.

For his part, Trump called the signing of the agreement a milestone, and a boon to the U.S., China and the whole world.

Describing China as a great nation, Trump also expressed his admiration for Xi’s wisdom and leadership.

Relations between the United States and China are very important, said the U.S. president, stressing that the two sides are working together closely in economy and trade, along with a wide range of other areas, which will help promote world peace and prosperity.

Trump also said he looks forward to another visit to China in the foreseeable future.

In a briefing with Chinese press in Washington in the afternoon, Liu said the just-signed agreement has both economic and political significance, as it eases trade tensions and erases market uncertainty.

Liu said China and the United States have agreed to deepen two-way trade cooperation and expand trade volume in such sectors as agricultural products, manufactured goods, energy and services.

The two sides have also agreed to further broaden market access, including the further opening up of each other’s financial markets, in order to provide more market opportunities for both Chinese and U.S. businesses.

The two countries are committed to continuously improving their business environment, and have pledged to enhance intellectual property rights protection, and encourage technological cooperation based on willingness and market conditions so as to better promote fair competition and stimulate the vitality of innovation and the development of market players.

Liu said the U.S. side has pledged to cancel some of its additional tariffs on Chinese products, marking a policy change from hiking to cutting additional tariffs.

The two countries will establish bilateral assessment and dispute-resolving arrangements to address their economic and trade differences in a timely and effective manner. (Xinhua)