BEIJING, Dec. 13 (Xinhua) -- The top priority for China and the United States is to sign and earnestly implement the phase one trade agreement, Vice Finance Minister Liao Min said Friday.

The phase two negotiations will depend on the implementation of the phase one agreement, Liao told a news briefing.

Liao highlighted the importance of the deal in promoting bilateral economic and trade cooperation, enhancing the well-being of the people of the two countries and the world, and stabilizing the expectations of the global market.

China's core concern in economic and trade negotiations has been the removal of additional tariffs, and both sides have reached consensus in this regard, Liao said.

China and the United States have agreed on the text of the phase one economic and trade agreement based on the principle of equality and mutual respect, according to a statement issued by the Chinese side Friday night.

The text includes nine chapters: the preface, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, trade expansion, bilateral assessment and dispute settlement, and the final terms.