Let's nail down 'phase one' before moving to the next

It has been a long time coming, but finally there seems to have been a breakthrough in the trade dispute between China and the United States.

Although a comprehensive deal is said to be still in the works, the positive developments from the latest round of trade negotiations between the two sides - if delivered - are extremely welcome news.

Heralded as a very substantial phase one deal by the US president, and a lot of progress in a very positive direction by China's chief negotiator Vice-Premier Liu He, the two sides have apparently reached agreements in a wide range of areas including agriculture, intellectual property protection and technology transfers, exchange rates, financial services, expanding trade cooperation and dispute settlement.