It also called for a long-term mechanism and routine inspections to keep the remaining regulations up to date.
Importantly, China has opened a World Trade Organization challenge to the US' initial $50 billion proposed tariffs, while the eurozone and Japan joined a US challenge against alleged intellectual property theft by China. While we know the WTO arbitration process is a lengthy one－measured in months－it is nonetheless encouraging to see the international body is still being used as a medium of communication between different parties to settle trade disputes. That indeed is a ray of hope.
Like China, Japan also attaches importance to the WTO rules and maintains that trade issues should be handled based on those rules, he added.
Abe said that he eagerly expects and welcomes Chinese Premier Li Keqiang to visit Japan and to attend the trilateral leaders' summit between Japan, China and South Korea, and expects that the Belt and Road construction could help the recovery and development of regional economy.
The two sides should enhance communication and coordination to oppose trade protectionism, safeguard the global free trade system centered on the World Trade Organization (WTO), and help create an open world economy, Wang said.