Ministers Morneau and Carr Co-Chair Successful Canada-China Economic and Financial Strategic Dialogue in Beijing
November 12, 2018 – Beijing, China – Department of Finance Canada
The Government of Canada is committed to strengthening and growing the middle class, and to expanding opportunities for Canadian businesses of all sizes to compete and succeed in fast-growing markets around the world. Whether it’s connecting our people or connecting our economies in a way that strengthens growth, the Government of Canada believes in a positive and productive relationship with China.
Today in Beijing, Minister of Finance Bill Morneau and Minister of International Trade Diversification Jim Carr co-chaired the Canada-China Economic and Financial Strategic Dialogue (EFSD), together with Chinese State Councillor Wang Yong. The two countries agreed to work together to double agricultural trade by 2025, focus on priority sectors like agriculture and energy, and committed to strengthening economic and commercial cooperation as well as continuing exploratory discussions towards a potential comprehensive trade agreement.
The EFSD’s prospects to create a larger and more stable platform for bilateral commerce were reinforced by $1.67 billion in commercial deals signed by 48 Canadian companies during the China International Import Expo held in Shanghai from November 5 to 10, 2018. During the EFSD, Canada and China made commitments in energy and other natural resource sectors that will help lead the global transition to a low-carbon economy. Canada and China forged partnerships that will deepen regulatory cooperation and give financial companies more occasions to work together and to seek opportunities in both countries.
As major economies and trading nations, Canada and China share a common interest in strong economic, financial, and trading systems that benefit their citizens. The EFSD provided an opportunity to share views, enhance cooperation, and help expand trade and investment opportunities between Canada and China. The EFSD also helped advance our mutual interests in financial sector policy and services, and explored ways for exporters in each country to compete and succeed in each other’s markets and around the globe.
While in Beijing, Ministers Morneau and Carr also addressed the Canada China Business Council, promoting Canadian investment opportunities and helping to strengthen connections between Canadian and Chinese business communities.
“Expanding and diversifying our relationships, particularly with fast-growing economies such as China, is an important part of strengthening and growing the middle class, and building an economy that works for everyone. Today’s Dialogue is an important next step in advancing our economic relationship with China, with real benefits for Canada — giving Canadian businesses more opportunities to compete and succeed, delivering stronger economic growth, and helping to create more good, well-paying jobs for the middle class.”
– Bill Morneau, Minister of Finance
“Canada and China enjoy strong economic and people-to-people ties, and the Economic and Financial Strategic Dialogue provided an excellent opportunity to strengthen our cooperation. As one of the world’s largest economies, increased trade with China continues to be a priority for Canada as part of our trade diversification strategy. More trade with fast-growing economies in Asia means continued success for Canadian businesses, leading to economic prosperity and more well-paid jobs for Canadians.”
– Jim Carr, Minister of International Trade Diversification
Canada and China share a longstanding relationship centered around people, trade and investment.
China is Canada’s second-largest single-country trading partner.
In 2017, two-way merchandise trade between the countries reached nearly $94.5 billion in value, accounting for 8.4 per cent of Canada’s total merchandise trade.
Canada’s two-way foreign direct investment relationship with China is deepening, with the stock of investment increasing from $15.9 billion in 2010 to nearly $27.1 billion in 2017.
Canada and China designated 2018 the Canada-China Year of Tourism, which includes initiatives to increase the flow of tourists and promote cultural activities.