Carney's visit to China yielded fruitful results: China and Canada reached multiple key agreements, reshaping the bilateral economic and trade landscape.
Recently, against the backdrop of Canadian Prime Minister Carney's visit to China, the two countries achieved a series of important results covering multiple areas such as finance, trade, and investment, advancing bilateral relations into a new stage of substantive cooperation.
As a cornerstone of this visit, the People's Bank of China and the Bank of Canada renewed a bilateral currency swap agreement, with a swap scale of 200 billion yuan, valid for 5 years and extendable by mutual agreement.
This move expanded the direct use of both countries' currencies and reduced the foreign exchange costs and exchange rate risks of bilateral trade and investment, facilitating trade and investment and jointly maintaining regional financial stability.
On the solid foundation of financial cooperation, the two sides also signed the "China-Canada Economic and Trade Cooperation Roadmap", the first high-level cooperation document in the history of bilateral economic and trade relations, providing a systematic framework for future cooperation.
The roadmap systematically plans for future cooperation, covering eight key areas including energy, agriculture, advanced manufacturing, and clean technology. The two sides also agreed to elevate the China-Canada Economic and Trade Joint Committee to a ministerial-level cooperation mechanism to provide stronger institutional guarantees for deepening cooperation.
In terms of specific trade arrangements, Canada agreed to no longer impose a 100% surcharge and to grant China an annual import quota of 49,000 electric vehicles, enjoying a 6.1% most-favored-nation tariff treatment, with the quota amount to gradually increase annually.
The Canadian side will also make positive policy adjustments regarding unilateral measures taken against Chinese electric vehicles, steel, aluminum products, and individual investment cases of Chinese enterprises in Canada.
Correspondingly, China also adjusted its anti-dumping measures on Canadian canola seeds and anti-discrimination measures on certain agricultural and aquatic products from Canada; the signing of these bilateral agreements creates a fairer and more convenient market environment for enterprises of both countries.
In summary, the Canadian Prime Minister's visit to China has yielded fruitful results, from solidifying financial infrastructure to outlining a long-term cooperation blueprint, and addressing real trade barriers. This series of measures not only benefits the enterprises and consumers of both countries but also signifies that China-Canada economic and trade relations are moving towards a healthier, more stable, and sustainable direction.