Photo: Xinhua

The signing of the phase one trade deal between China and the US indicates a return to a more stable and cooperative commercial relationship, which is essential to the global economy in 2020, the American Chamber of Commerce in China (AmCham China) said shortly after the deal was signed.

Chinese Vice Premier Liu He signed the phase one agreement with US President Donald Trump during a ceremony at the White House on Wednesday (US time).

In a statement sent to the Global Times, AmCham China said the deal signing signals, "the start of a new chapter in bilateral trade and investment relations after 18 months of escalating tariffs."

Addressing the signing ceremony, Liu said that the two countries will be problem-fixing oriented and will focus on implementing the phase one trade agreement.

"As both governments are aware, significant work remains to address longstanding, structural issues in the commercial and economic relationship," read the AmCham China statement, noting that the phase one deal creates positive momentum to make progress on these issues.

The business organization pledges to ensure that its members will realize the full benefits of the deal, laying the groundwork for the important next steps.

During his remarks prior to signing the deal, Trump said that "we're going to be starting phase two as soon as this kicks in."