China will review and approve export applications for controlled items that meet stated requirements, while the United States will lift a series of restrictive measures previously imposed on China, said the Ministry of Commerce on Friday.

The remarks came after economic and trade teams from China and the US recently further confirmed the details on the framework for implementing the important consensus reached by the two heads of state during their phone talks on June 5, with both parties consolidating the outcomes of the economic and trade talks in Geneva, said a ministry spokesperson in an online statement.

The commerce official said that following the London meeting that took place from June 9 to 10, the Chinese and US teams have remained in close contact.

Both sides have also agreed to continue leveraging the bilateral economic and trade consultation mechanism to expand common ground, reduce misunderstandings, enhance mutual trust and strengthen practical cooperation, the spokesperson added.

The goal is to jointly promote the sound, stable and sustainable development of Sino-US economic and trade relations, according to the Ministry of Commerce.

Wang Zhimin, a researcher at the Academy of China Open Economy Studies under the University of International Business and Economics, said that an improved China-US economic and trade relationship can inject greater certainty and stability into the global economy.

"Progress in resolving trade disputes between the two countries would be beneficial not only to China and the US, but to the world at large," said Wang.

Sharing similar views, Cai Qingfeng, a professor at the School of Economics at Xiamen University in Fujian province, said that the fundamental nature of international trade lies in mutual benefit and win-win outcomes.

"With the growing specialization of global value chains, economies are more interdependent than ever, making shared prosperity a common outcome," said Cai.

Gu Lingping, head of the exports unit at Ningbo Jinding Fastening Piece Co — a Zhejiang province-based manufacturer supplying fastener products to customers in machinery, construction, shipbuilding and new energy industries globally — said this move will help further dispel the wait-and-see attitude among Chinese and US businesses, enabling them to engage more actively in bilateral trade, according to information provided by Ningbo Customs.

"We hope both sides can make greater progress in future negotiations based on the principle of trade equality, and the company is confident in identifying new growth opportunities in both the US market and other countries," said Gu.

To better support its Chinese businesses in reaching international markets more efficiently, US express transportation service provider FedEx Corp inaugurated its new North China regional headquarters in Beijing in mid-June.

Audrey Cheong, vice-president of operations for FedEx China, said that for the next step, the company will continue to deepen localized services, leverage more efficient technology to drive logistics upgrades and provide more agile and sustainable supply chain solutions in China.