The announcement Friday that the United States and China will work together to enact “nearly complete bans” on the import and export of ivory represents the most significant step yet in efforts to shut down an industry that has fueled the illegal hunting of elephants, putting some species at risk.

The agreement between U.S. President Barack Obama and China President Xi Jinping means that China, the world’s largest consumer of ivory, is bolstering its promise last May to crack down on its domestic ivory trade—a claim that left many skeptical.

It’s an industry that has been driven largely by China’s booming middle class, in which some people covet ivory as a status symbol. Wildlife conservation groups say that Asia, and