The United States and China have reached an "understanding" in bilateral negotiations aimed at cutting tariffs on information-technology goods, the U.S. Trade Representative said Tuesday.
U.S. President Barack Obama made the announcement earlier in the day during a plenary session of the Asia-Pacific Economic Cooperation summit in Beijing, saying the breakthrough will help talks on the Information Technology Agreement to reach a "rapid conclusion," according to a statement by the U.S. Trade Representative.
"It was APEC's work that led to the Information Technology Agreement, which we are now negotiating to expand," Obama was quoted as saying.
"So, it is fitting that we are here with our APEC colleagues to share the news that the United States and China have reached an understanding that we hope will contribute to a rapid conclusion of the broader negotiations in Geneva," Obama said.
The breakthrough paves the way for the resumption and swift conclusion of the first major tariff-cutting deal at the World Trade Organization (WTO) in 17 years, according to the statement.
The statement did not give a timeline on concluding an agreement through the WTO. (Yonhap)
