Beijing and Ottawa launch a new phase with trade and monetary agreements
BEIJING, 16 JANUARY / WAM / Canadian Prime Minister Mark Carney announced today that his country has agreed to reduce customs duties on Chinese electric cars, while setting a ceiling for exports starting at 49,000 vehicles and gradually increasing to 70,000 vehicles within five years.
Carney explained, in statements to reporters from Beijing, that this decision came in exchange for China’s agreement to reduce the duties imposed on Canadian canola seeds, one of Canada’s main exports, as they will decrease from 84 percent to about 15 percent, describing his two-day discussions in China as fruitful.
The announcement came after a meeting between Carney and Chinese President Xi Jinping, who called for the establishment of a new strategic partnership based on mutual respect and common interests, stressing that the meeting represents the beginning of a new phase of positive development in bilateral relations.
The two parties also strengthened their financial cooperation by renewing the local currency exchange agreement between the People’s Bank of China and the Central Bank of Canada at a value of 200 billion yuan (about 28.5 billion dollars) for a period of five renewable years, in a step aimed at enhancing financial stability and expanding the use of local currencies, which contributes to facilitating the movement of trade and investment between the two countries and supports the renewed economic partnership.
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