China and the United States reported progress in their latest round of economic and trade talks in Beijing, agreeing to advance cooperation and maintain momentum in bilateral ties, reported China Daily.

The Ministry of Commerce stated that the two leaders held in-depth discussions and provided strategic guidance for future relations. Both sides reached a preliminary consensus on tariff arrangements and agreed to continue implementing outcomes from earlier consultations.

China and the US will establish a board of trade and a board of investment to address mutual concerns. The trade board will discuss tariff reductions on specific products, with both sides agreeing in principle to lower tariffs on items of mutual concern on an equivalent scale.

The two countries also agreed to resolve non-tariff barriers and expand agricultural trade through reciprocal tariff cuts. Arrangements were reached regarding China's procurement of US aircraft and Washington's guarantee of engine and parts supply, with both sides pledging continued cooperation in related sectors.

The ministry indicated that the results demonstrated that China and the US could find solutions through dialogue and cooperation based on mutual respect and equality. The ministry added that teams were still working on details and would finalize implementation soon, injecting more stability into bilateral economic ties and the global economy.