BEIJING, May 20 (Xinhua) -- China's Ministry of Commerce on Wednesday elaborated on the preliminary outcomes of the recently held China-U.S. economic and trade consultations, covering issues including tariffs, agricultural trade, rare earth export controls, and aircraft trade.

The two sides have agreed in principle to discuss, under the trade council, a reciprocal tariff reduction framework arrangement on products of equivalent scale -- worth 30 billion U.S. dollars or more on each side, a ministry official said, referring to the bilateral consultations held in the Republic of Korea from May 12 to 13.

The products of respective concern as agreed by both sides are expected to enjoy most-favored-nation tariff rates or even lower rates, according to the official.

"Once implemented, the arrangement will not only help stabilize and expand bilateral trade between China and the United States, but also serve as a useful reference for global open cooperation," the official said, adding that the economic and trade teams of the two sides will maintain close communication, work out specific arrangements, and push for early implementation.

On export controls on rare earths and other critical minerals, the official noted that China implements such measures in accordance with laws and regulations, and reviews license applications that are compliant and for civilian use.

"China is willing to work with the United States to jointly create favorable conditions for promoting mutually beneficial cooperation between the two countries' enterprises and ensuring the security and stability of global industrial and supply chains," the official said.

As another outcome of the consultations, China will purchase 200 Boeing aircraft in line with its air transport development needs and commercial principles. Meanwhile, the United States will guarantee China a sufficient supply of engines and spare parts, according to the official.

Regarding bilateral agricultural trade, the official said that imports of U.S. agricultural products can help bridge structural supply-demand gaps in China's domestic market and diversify food supplies for consumers, while China's vast consumer market provides steady income for U.S. farmers.

The official added that China's specialty agricultural products, such as dairy, aquatic products, vegetables and fruits, also have strong potential demand in the U.S. market.

Following equal consultations, the two sides achieved positive outcomes in the agricultural sector and reached multiple consensuses on the issue of two-way market access for agricultural products, the official said.

Addressing the registration of U.S. beef enterprises, the official noted that China attaches great importance to bilateral agricultural trade cooperation and welcomes high-quality U.S. agricultural products entering the Chinese market.