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US, China reach understanding on deal over information technologies

November 11, 2014, 8:23 UTC+3 BEIJING
The bilateral agreement between Washington and Beijing planned abolishment of tariffs on several highly technological products
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© Mikhail Metsel/TASS

BEIJING, November 11. /TASS/. The United States and China “have reached understanding” on a bilateral agreement within the treaty on information technologies, US President Barack Obama said at a working meeting of leaders of the Asia-Pacific Economic Cooperation APEC economies in the Chinese capital on Tuesday.

US administration officials told reporters that the bilateral agreement between Washington and Beijing planned abolishment of tariffs on several highly technological products, including some medical equipment and semiconductors.

The White House said the country hoped that this deal would result in resumption and quick finalizing of a first in last 17 years major agreement cutting tariffs within the World Trade Organisation (WTO).

Meanwhile, the White House noted that conclusion of the agreement on information technologies would allow broadening American highly technological export to developing markets without removing burdensome tariffs.

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