Beijing: The Chinese Vice Premier announced that Beijing and Washington have agreed to establish an economic and trade consultation mechanism and conduct further consultations on issues of common concern.

According to National Iraqi News Agency, the Chinese official also confirmed that substantive progress has been made and that important consensus has been reached between Beijing and Washington regarding their differences.

The Chinese Vice Premier added that China and the United States have taken an important step to resolve differences through dialogue and consultation on an equal footing. The same spokesperson indicated that China and the United States will issue a joint statement on Monday regarding the outcomes of the talks.

The Chinese official explained that the economic and trade relations between China and the United States are mutually beneficial and win-win by nature.