China and the U.S. said progress has been made regarding the trade dispute between the two countries.
China's commerce ministry said in a statement released Saturday a consensus was reached in principle during phone talks held between their main trade negotiators the previous day.
China's Vice Premier Liu He called U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin where they engaged in "serious and constructive" talks.
Details on the cited progress were not disclosed in detail, but the ministry said they've discussed a timetable to hold another round of talks amid Chile's withdrawal as the host of the APEC summit.
The two sides so far said they have worked on a 'phase one' trade deal for the two countries' leaders to sign this month.
Phase one of the agreement is believed to involve more purchases of U.S. agricultural goods by China and greater intellectual property protection, while the thorny issue of technology transfer to China is to be pushed back to a second phase.
The U.S. Trade Representative in a statement released Friday confirmed the call, saying they've made progress on a range of matters and were working to resolve "outstanding issues."
The U.S. said the discussions are expected to continue at the deputy level.
For now though, the U.S. plans to keep its tariffs on Chinese imports, set to kick in on December 15, according to White House economic advisor Larry Kudlow, if an agreement is not reached on the first phase before then.
The decision to cancel them he says, depends on U.S. President Donald Trump's decision.
The location for the two leaders to sign a landmark agreement remains unknown for now, but President Trump had hinted of doing so in the U.S. State of Iowa, a key battleground in the 2020 presidential election.
Kim Ji-yeon, Arirang News.