Beijing, January 17 (ANI): Canadian Prime Minister Mark Carney has announced a new trade agreement with China, saying the deal will open markets for Canadian businesses and workers.
In a post on social media platform X, Carney said the agreement would unlock more than USD 7 billion in export markets for Canadian workers and companies.
In a statement, the Prime Minister’s Office said that in a more divided and uncertain world, Canada is focused on building a stronger, more independent, and more resilient economy. It said the new government is moving with urgency to diversify trade partnerships and attract significant new investment, noting that China, as the world’s second-largest economy, presents major opportunities for Canada.
As part of efforts to forge a new Canada-China partnership, Carney visited Beijing this week, marking the first visit to China by a Canadian prime minister since 2017. During the visit, he met Chinese President Xi Jinping, Premier Li Qiang, and Zhao Leji, Chairman of the Standing Committee of the National People’s Congress. Following their meeting, Carney and Xi issued a joint statement outlining the pillars of a new strategic partnership between Canada and China.
According to a CBS News report, Canada has agreed to cut its 100 percent tariff on Chinese electric vehicles in exchange for lower tariffs on Canadian agricultural products. Carney said there would be an initial annual cap of 49,000 Chinese electric vehicles exported to Canada, increasing to about 70,000 over five years.
China will reduce its tariff on canola seeds, a major Canadian export, from 84 percent to around 15 percent, CBS News reported.
Carney said China has become a more predictable partner for Canada than the United States in recent months. He noted that Canada continues to face a 35 percent levy on its goods, as well as a blanket 50 percent levy on imported metals and a 25 percent tariff on non-US automobiles.
Meanwhile, China and the United States had earlier exchanged threats of 100 percent tariffs. However, following a meeting between US President Donald Trump and Chinese President Xi Jinping, tariffs were exempted on a portion of Chinese products until November 10, 2026.
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