China and U.S. to Formulate New Trade and Investment Boards

China and the U.S. have announced plans to establish a Board of Trade and a Board of Investment, as per a statement by Chinese Foreign Minister Wang Yi. This move aims to alleviate concerns over market access for agricultural products.

The two countries have also agreed to boost bilateral trade by employing a reciprocal tariff reduction framework, signaling a willingness to work collaboratively on economic issues.

Both sides' teams are in discussion to iron out the specifics and are expected to finalize the outcomes promptly, according to Wang Yi.

(With inputs from agencies.)