Asian shares are trading higher after China and the U.S. said they have a framework for following up on the trade truce reached last month in Geneva.

U.S. Commerce Secretary Howard Lutnick said on Wednesday that a trade framework and implementation plan agreed with China in London should result in restrictions on rare earths and magents being resolved.

The United States and China have agreed to a framework that would restart last month's trade truce following two days of talks in London, negotiators announced Wednesday.