MADRID - The signing of the phase-one economic and trade agreement between China and the United States "is of great value for all of us," said the head of a Spanish think tank.

Rosa Cervera, president of Catedra China, made the comments in an interview with Xinhua after Beijing and Washington formally signed the deal on Wednesday at the White House.

The agreement covers issues that range from expanding bilateral trade in such sectors as agricultural products, manufactured goods, energy and service, to further broadening market access and enhancing the protection of intellectual property rights.

The United States has pledged to cancel some of its additional tariffs on Chinese products, marking a policy change from hiking to cutting additional tariffs.

"We think it isn't positive to put up barriers, so it's great news," said Cervera, noting that the tense situation generated by US additional tariffs on Chinese products has brought tension into commercial relationships.

Catedra China is a non-profit organization that groups Spanish and Chinese experts from the educational, business, media and other sectors of society in Spain.

Given the changes that have taken place in global politics in recent years and that there are many groups of countries, dialogue and multilateralism are crucial in this day and age, stressed Cervera.

In addition, the differences between Western and Eastern social models require mutual understanding and tolerance, said Cervera.

"Neither form of thinking can impose itself on the other, because both have evolved through a society, using its traditions and social-cultural thoughts," she said.