China and the United States reached a new textiles trade agreement in Beijing at the noon of February 2, 1997 following six-day "tough but fruitful" talks.

The new agreement, the fifth of its kind, is a replacement of the last one which, signed in 1994 and expired by the end of 1996, was extended to the end of January 1997 with consensus of both sides.

Li Dongsheng, head of the Chinese delegation, said at the end of the talks that "the new agreement eloquently demonstrates that China and the US share interests in advancing bilateral trade and economic cooperation."

Moreover, he said, the agreement is "once again a proof that China and the US can settle their trade disputes through negotiations based on equality and mutual benefits for the sake of creating a stable environment for the long-term development of bilateral economic and trade ties."

The current talks is the fourth round of negotiations concerning the new trade agreement. The talks were "tough and fruitful," Li said.

The present new agreement shall be valid for four full years.


The Chinese government has decided to call off its retaliatory measures concerning temporary suspension of import of some products from the United States, a spokesman with the Ministry of Foreign Trade and Economic Cooperation (Moftec) announced in Beijing on February.

A statement jointly issued by the Moftec and the General Administration of Customs November 10, 1996, noted that China would temporarily impose a ban upon the import of some US products as a retaliatory measure against the quota reduction of China's textiles imposed by the US.

As a result of the fourth round of textiles talks between the Chinese and US delegations, the Moftec spokesman said, the Chinese government decided on Saturday to lift the ban, since both sides have found a proper solution to the issue during their negotiations.