China and the United States have agreed in principle to discuss, through the board of trade, a reciprocal tariff reduction framework covering products of equivalent scale, with products on each side valued at $30 billion or more, the Ministry of Commerce said on Wednesday.

Under the proposed arrangement, products of mutual concern agreed upon by both sides may be subject to most-favored-nation tariff rates or even lower rates, the ministry said.

The consensus came after the latest round of China-US economic and trade consultations held last week in South Korea, during which both sides agreed to advance pragmatic cooperation and maintain the hard-won momentum in bilateral ties.

Once implemented, the arrangement will not only help stabilize and expand bilateral trade between China and the US, but also provide a useful reference for global opening-up and cooperation, a ministry official said in a statement.

The two countries' economic and trade teams will maintain close communication, finalize specific arrangements and work to advance their implementation as soon as possible, the official added.

China hopes the US side will honor its commitments and ensure that, regardless of the reason or form of any future tariff increases or replacements targeting Chinese goods, US tariff levels on Chinese goods will not exceed those set under the joint arrangement reached during the Kuala Lumpur economic and trade consultations, the ministry said.

The ministry also called for further removal of relevant unilateral tariffs on Chinese goods through follow-up consultations, so as to create favorable conditions for expanding bilateral economic and trade cooperation.