Mubasher: US officials are working on a final trade agreement that President Donald Trump and his Chinese counterpart Xi Jinping could ink in weeks, according to a news report.

President Xi needed to head China’s annual National People’s Congress in early March, and make other foreign visits, which complicated the planning process, Bloomberg reported on Thursday, citing sources familiar with the preparations.

Washington looks for holding a summit between Trump and Xi as soon as mid-March, one of the sources said.

US and Chinese negotiators were on course of clinching a landmark accord that would commit China to reduce subsidies on state-run firms and announces any intervention in currency markets by the central bank, director of the White House’s National Economic Council Larry Kudlow told CNBC.

“We have to hear from President Xi and the Politburo [the political bureau of the ruling Communist Party of China] of course, but I think we’re headed toward a remarkable historic deal,” Kudlow said.

In a more hawkish tone, US Trade Representative Robert Lighthizer said that more work is needed, noting that Washington would not accept an agreement that did not include significant “structural” changes to China’s state-driven economy.

Lighthizer also asserted the need for an enforcement mechanism, through which the US can take unilateral action if China violates the rules.