US-China trade deal may not be ready for signing in Chile: Official

White House spokesman Judd Deere said both sides were still working to complete work on the interim deal

An interim trade agreement between the United States and China might not be completed in time for signing in Chile next month as expected but that does not mean the accord is falling apart, a US administration official said on Tuesday.

US and Chinese negotiators are working to complete a text for the agreements for US President Donald Trump and Chinese President Xi Jinping to sign at an Asia-Pacific Economic Cooperation summit in Chile Nov. 16-17.

“If it’s not signed in Chile, that doesn’t mean that it falls apart. It just means that it’s not ready,” the administration official said. “Our goal is to sign it in Chile. But sometimes texts aren’t ready. But good progress is being made and we expect to sign the agreement in Chile.”

Trump, Treasury Secretary Steven Mnuchin and other top US officials have all said good progress is being made on the deal after a nearly 16-month trade war, while also noting that it would be fine if the deal was not finalized by the APEC summit. White House spokesman Judd Deere said both sides were still working to complete work on the interim deal.

“As the president said several weeks ago, we have reached a phase-one agreement with the Chinese and both sides are working to finalize the text for a signing in Chile,” he said. US stocks turned negative after Reuters reported the administration official’s comments, as investors bet the closely watched trade talks were further away from resolution…

Read More: US China Trade War

Suresh Prabhu as commerce minister: Infra man has to kick-start industrial growth

On agenda will be at least 16 free trade agreements that India is negotiating with nations

 

 

Suresh Prabhu, who offered to resign as Railway Minister following a spate of accidents, has perhaps been given the benefit of doubt for his sterling record as power minister in the Atal Bihari Vajpayee government.

The Rajya Sabha member of Parliament from Andhra Pradesh, who has been given charge of the commerce and industry portfolio, will now have to play a key role in using exports as an engine for growth and come up with a new industrial policy that will offer a road map and practical solutions to the industrial sector that is reeling under the impact of demonetisation.

The challenges are many as the previous commerce and industry minister, Nirmala Sitharaman, who has moved on to defence, has had an indifferent track record. The three years of her tenure at the commerce and industry ministry saw merchandise exports fall to $274 billion in 2016-17, after reaching $310 billion in 2014-15 and $262 billion in 2015-16.

“Every responsibility of the government is important and this is my ninth Cabinet-level position,” Prabhu said after Sunday’s reshuffle. His new task would be to ensure rapid economic growth of the country, he said.

Officials point to a slowdown in the global trade growth, apart from a crash in prices of raw materials like processed petroleum, industrial metals and meat, which India exports heavily. Domestic exporters, however, say the issue of falling competitiveness, loss of foreign market for strong sectors like apparel and engineering goods and a growing trade gap with China are more serious concerns. (Read more)