What is the new strategic partnership between China and Canada?

It's an economic agreement to lower tariffs on Chinese electric vehicles and Canadian canola, aiming to boost trade.

How will the China-Canada deal impact electric vehicles?

Canada will allow 49,000 Chinese electric vehicles at a lower tariff rate, down from 100%.

What are the benefits of the China-Canada agreement for canola?

China will lower tariffs on Canadian canola seed to about 15%, a significant reduction from current levels.

Home / Business and Economy / China, Canada Forge New Trade Pact

China, Canada Forge New Trade Pact

16 Jan

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Summary

China and Canada announced a new strategic partnership.
Tariffs will be lowered on Chinese electric vehicles and Canadian canola.
The partnership aims to boost bilateral trade by nearly $3 billion.

China and Canada have formally initiated a "new strategic partnership" focused on reducing trade barriers for key commodities. This agreement includes significantly lower tariffs on Chinese electric vehicles entering Canada and on Canadian canola exports to China, aiming to boost bilateral trade by approximately $3 billion.

Canadian Prime Minister Mark Carney highlighted the need for pragmatism in a changing global trade landscape, suggesting that the relationship with China has become more predictable than with the United States. This move represents a shift from previous strained ties following the 2018 Huawei executive arrest.

The partnership allows up to 49,000 Chinese electric vehicles into Canada at a reduced tariff rate, with expectations of substantial Chinese investment in Canada's auto sector. Concurrently, China is set to reduce tariffs on Canadian canola seed, a move projected to benefit Canadian farmers and businesses.