WASHINGTON, Dec. 13 (Xinhua) -- The U.S. Chamber of Commerce on Friday welcomed the phase-one economic and trade agreement announced by the United States and China, and urged the two sides to strive for a comprehensive deal.

"The two governments reaching an agreement on a Phase I deal is a very positive development," the chamber quoted Myron Brilliant, its executive vice president and head of international affairs, as saying in a statement.

The comment came shortly after the Chinese side announced that the two sides have agreed on the text of a phase-one economic and trade agreement based on the principle of equality and mutual respect, and reached consensus that the U.S. side will fulfill its commitments to phase out its additional tariffs on Chinese products.

"Both sides deserve credit for taking actions to reduce and eliminate tariffs," said Brilliant. "We've long known that tariffs are paid by American companies and American consumers, driving up prices and drowning out the benefits of tax reform for families and businesses."

"Today's news creates clarity for businesses and provides a lift for American consumers during the holiday season," he added.

Noting that the latest progress lays the foundation for a phase-two deal, Brilliant urged the two sides to continue working diligently toward a final agreement in the near future.

The two sides are expected to complete their necessary procedures including legal review, translation and proofreading as soon as possible, and discuss the detailed arrangements for officially signing the phase-one agreement.

Beijing has expressed hope that after the signing, both sides will comply with and earnestly implement the provisions of the phase-one deal, do more to promote the development of bilateral economic and trade relations as well as global economic and financial stability, and safeguard the peace and prosperity of the world.