China, Japan Reach Consensus on Trade Dispute

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Last updated at: (Beijing Time) Friday, December 21, 2001

China, Japan Reach Consensus on Trade Dispute

China and Japan reached consensus on their trade dispute over agricultural products at ministerial talks Friday morning. Chinese Minister of Foreign Trade and Economic Cooperation (MOFTEC) Shi Guangsheng said that Japan promises to stop excising restrictions on agricultural imports from China, while China pledges to cancel its retaliatory measures against imports from Japan.

Shi made the announcement after the talks with Japanese Minister of International Trade and Industry Takeo Hiranuma and Minister of Agriculture, Forestry and Fisheries Tsutomu Takebe.

The two sides also agree to set up a trade consultation mechanism for dealing with trade disputes between the two countries properly, Shi said.

Three-point Consensus

China and Japan reached three-point consensus at ministerial talks on resolving the lingering trade disputes over three farm products for the past months.

According to a memorandum of understanding of the talks, Japan decides not to launch formal protection measures on three agricultural imports from China, including green Chinese onions, fresh mushrooms and tatami rushes.

Meanwhile, China decides to withdraw imposing 100 percent punitive tariffs on imports of Japanese-made automobiles, mobile phones and air conditioners.

In addition, the two sides will hold further discussions and strengthen cooperation on farm produce trade through both governmental and nongovernmental channels, according to the document.

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