By H. E. Wang Di, Ambassador of the People’s Republic of China in Canada
Canadian Prime Minister Mark Carney made an official visit to China recently, during which both sides reached broad consensus on deepening economic and trade cooperation, signed the “China-Canada Economic and Trade Cooperation Roadmap”, and formulated preliminary joint arrangements for handling bilateral economic and trade issues. This marks an important milestone within the framework of a new strategic partnership, injecting fresh impetus for further improving and developing China-Canada relations. The Roadmap not only outlines a blueprint for cooperation at the macro level but also serves to promote implementation of the deliverables through a series of pragmatic arrangements.
First, both sides agreed to strengthen the China-Canada Joint Economic and Trade Commission (JETC) mechanism. Upgrading the JETC from the vice-ministerial level to the ministerial level further strengthens its function as the main channel for promoting bilateral economic and trade dialogue and cooperation. The JETC mechanism has irreplaceable communication value in coordinating and resolving bilateral trade frictions and enhancing pragmatic cooperation. This upgrade provides a solid institutional guarantee for accelerating and uplifting China-Canada economic and trade relations and cooperation.
Second, both sides agreed to comprehensively expand pragmatic economic and trade cooperation in all fields. The Roadmap systematically establishes a cooperation framework in eight areas: the JETC mechanism, bilateral economic and trade relations, agrifood and food security, green and sustainable trade, e-commerce cooperation and trade promotion, facilitation of people-to-people exchanges, economic and financial cooperation, and multilateral and regional economic and trade cooperation. It proposes 28 cooperation measures and makes comprehensive plans for cooperation in traditional areas such as energy, agriculture, consumer goods, and SMEs, as well as new areas such as new materials, advanced manufacturing, clean energy, and green products. China-Canada economic and trade cooperation is expected to embark on a fast track of development.
Third, both sides reached positive consensus on cooperation within multilateral and regional frameworks. China and Canada agreed to support the rules-based multilateral trading system with the WTO at its core and jointly promote practical outcomes from the 14th WTO Ministerial Conference on WTO reform, and reaffirmed their commitment to working within the WTO rules framework and striving to avoid future unilateral measures. In addition, Canada made positive statements regarding China’s hosting of the 2026 APEC meetings and its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These consensuses consolidated the strength of both sides in supporting multilateralism and sent a unified message to the world.
Fourth, the consensuses reached by both sides bring new opportunities and broad prospects for deepening China-Canada economic and trade cooperation. China and Canada should be partners in common development, lengthening the list of cooperation while shortening the list of irritants, and keep strengthening the bonds of shared interest through deeper and broader cooperation. The Roadmap and preliminary joint arrangements not only clear obstacles to traditional trade between the two countries but also create a more equitable, stable and non-discriminatory environment for further expanding bilateral trade and investment in electric vehicles, and favorable conditions for in-depth cooperation in intelligent manufacturing, the new energy vehicle supply chain, and the green industrial chain. It is believed that these arrangements will play a positive role in deepening cooperation in related industries and bringing mutual benefit and win-win results.
China and Canada are important economic and trade partners with strong economic complementarity and a solid foundation for cooperation. With a population of 1.4 billion and 400 million middle-income earners, China is the world’s second-largest consumer market and import market. China’s demand for Canadian agricultural products, energy resources, and high-quality consumer goods continues to increase, and Canadian companies are actively cultivating the Chinese market, and sharing in the opportunities presented by China’s high-quality development. By 2030, all of Canada’s annual LNG production of 50 million tons will be sold to Asia, highlighting the immense potential of the Chinese market. Canada plans to, over the next 15 years, double its power grid through large-scale investments in hydropower, nuclear power, solar power, and wind power. Chinese companies are leaders in energy storage and offshore wind power, offering broad prospects for investment cooperation between the two sides. Bilateral trade in goods and services between China and Canada exceeds CAD 130 billion annually, creating more than 400,000 jobs in Canada. Thanks to existing trade relations between China and Canada, Canadians receive CAD 20 billion in wages annually. Statistics Canada estimates that trade between China and Canada contributes approximately 3%–4% to Canada’s GDP annually. Furthermore, Canada has set an ambitious new target to increase its exports to China by 50 per cent by 2030.
Prime Minister Carney’s successful visit to China will elevate China-Canada economic and trade relations to a new level. It is believed that bilateral economic and trade cooperation will continue to play a ballast and driving role in the bilateral relationship, grow in quality and level, and enable mutual success and shared prosperity, thereby enhancing the well-being of both peoples and injecting more positive energy into the world economic recovery and stability amidst this divided and uncertain world.
Photo: iStock
