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China and Canada held their first ministerial joint economic and trade committee in Beijing and agreed to extend mutual tariff exemptions until the end of 2028. The two sides also signed a memorandum on the establishment of a CEO Roundtable for the business community.
according to chinaMinistry of Commerce According to the website’s news, on November 3, Wang Wentao, minister of the ministry andCanada International Trade Minister Maninder Sidhu co-chaired the 29th China-Canada Joint Economic and Trade Committee (1st Ministerial Meeting) in Beijing. The two sides had candid and in-depth exchanges on China-Canada economic and trade relations, cooperation in traditional and emerging sectors, and mutual economic and trade concerns. Li Chenggang, China’s international trade negotiator (ministerial level) and Vice Minister of Commerce, participated.
Bloomberg reported that in a press release issued after the meeting on the 4th, Sidhu said that China and Canada have agreed to increase mutual exemptions.Tariff Measures by the end of 2028.
The Beijing News reported that Wang Wentao said that under the strategic guidance of the leaders of the two countries, China-Canada economic and trade talks have recently made positive progress, including putting forward relevant relaxation measures for the initial joint arrangement. China is willing to work with Canada to fulfill the role of the Joint Economic and Trade Committee as the main channel for resolving economic and trade differences and promoting economic and trade cooperation, and to shorten the list of issues and lengthen the list of cooperation. At the same time, we will continue to implement the China-Canada economic and trade cooperation roadmap, strengthen cooperation in traditional areas such as oil and gas energy, agricultural and aquatic products, and consumer goods, and further expand cooperation in emerging areas such as new materials, advanced manufacturing, clean energy and smart agriculture, so as to provide stronger support for the development of China-Canada economic and trade relations.
According to a Chinese press release, Sidhu said the current pace of development of Canada-China relations is encouraging. The two sides have actively implemented the consensus reached by the leaders of the two countries, and cooperation in various fields has achieved fruitful results. Canada’s exports of high-quality agricultural and aquatic products to China have resumed and bilateral trade has grown rapidly. The Canada-China Joint Economic and Trade Committee is the most important economic and trade exchange mechanism between the two countries. Canada is willing to properly handle issues and promote cooperation with China within the framework of the Joint Committee, and encourages enterprises from the two countries to further expand trade and investment cooperation. In particular, it welcomes Chinese enterprises to actively participate in cooperation with Canada in modern agriculture, manufacturing, financial services, energy and other fields.
Before the meeting, Wang Wentao and Sidhu jointly attended the China-Canada Investment and Trade Roundtable. After the meeting, the two sides signed a “Memorandum of Understanding on the Establishment of a Roundtable of CEOs of Sugar Processing Business Sectors”.
Summary FAQ
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Canadian International Trade Minister Sidhu said that China and Canada have agreed to extend mutual tariff exemption measures until the end of 2028, which shows that bilateral economic and trade relations continue to improve and also creates a more stable policy environment for subsequent cooperation.
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The two sides had candid and in-depth exchanges on China-Canada economic and trade relations, cooperation in traditional and emerging sectors, and each other’s economic and trade concerns, and stressed that the Joint Committee will serve as an important forum to resolve differences and promote cooperation.
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After the meeting, the two sides signed a memorandum of understanding to establish the China-China Processing Business CEO Roundtable and held talks at the Investment and Trade Roundtable, showing that the two countries will continue to expand trade and investment cooperation through the enterprise dialogue mechanism.
