Phase one deal is a winner for China, US and the world

Hosting a high-profile giving of thanks to both the Chinese negotiators and his own team involved in the tougher-than-expected negotiations that led to the signing of the long-awaited phase one trade deal, the US president, while seeking to gain some credit for his administration also highlighted how important the deal is.

The significance of the 96-page deal is multifold. It has halted the protracted trade war, serving to stabilize global expectations; and it provides a blueprint for deepening cooperation and improving the two sides' respective business environments for the other's companies.

That there are settlement mechanisms for possible disputes set out for almost every part of the pact highlights their shared desire to make it work. And along with such aspects of the deal itself, the negotiations can serve as a valuable reference for other trade pacts.

The signing of the deal occasioned sighs of relief but exuberance was tempered by the pragmatic acceptance that a trade deal seeking to iron out some stark differences between the two is a compromise vulnerable to factors beyond the deal itself.

Highlighting the broader context in which the deal was finalized, the US leader admitted that it was like a piece in a game of chess or part of a mosaic.

And, with the text of the deal now being closely scrutinized down to every punctuation mark, there are people on both sides who feel their own country has been taken advantage of by the other side.

But it is an idle debate to argue which side won and which side lost. At the current stage, the fact that it is acceptable to both sides is the most significant thing as it means both sides are winners, as is the world economy.

For the deal is not only tangibly beneficial for both economies, it also brings certainty to the world economy. At a time when things had the potential to go distinctly pear-shaped, the signing of the deal is worth more than a few congratulatory words.

The deal marks the crucial switch from escalating confrontation to cooperation. It provides a foundation on which the two sides can build momentum for constructive interaction. It also gives a much needed shot in the arm to the global economy. It's worth celebrating.

The two sides have shown that they can produce the goods when they manage their differences and engage with one another on an equal footing and with mutual respect. They now need to carry forward that can-do spirit.