China, Canada move to bolster, extend trade ties

Résumé détaillé

Since the arrangements took effect in March, Canadian canola seed exports to China rose 84 percent to C$1.91 billion (US$1.35 billion), while canola meal exports more than doubled…

China and Canada are stepping up economic engagement and taking steps to stabilize trade ties, extending key market access and tariff arrangements through 2028 amid efforts to rebuild bilateral cooperation.

The two countries agreed to extend preferential market access arrangements for Canadian canola meal, peas, lobster and crab until the end of 2028. Canada also agreed to extend tariff remissions for certain Chinese steel and aluminum products through 2028.

On Monday, Chinese Vice-Premier He Lifeng, Canadian Finance Minister François-Philippe Champagne, and International Trade Minister Maninder Sidhu co-chaired the second China-Canada Economic and Financial Strategic Dialogue in Vancouver.

The two sides agreed to deepen financial sector cooperation, including on market access for financial services, and they signed agreements to strengthen cooperation between their financial ministries and regulators.

Jeff Mahon, former deputy director of the China division at Global Affairs Canada, said the latest developments should be viewed in the context of sustained engagement between the two countries through the year.

"Canada and China have been working diligently throughout 2026 to implement the consensus reached by leaders in January," Mahon told China Daily.

During Prime Minister Mark Carney's visit to China in January, the two countries announced a new strategic partnership and reached a preliminary arrangement on bilateral trade issues, while agreeing to revive the JETC and strengthen cooperation in areas including finance, energy and agriculture.

Last week, Chinese Commerce Minister Wang Wentao and Canadian International Trade Minister Maninder Sidhu co-chaired the Joint Economic and Trade Commission (JETC) in Beijing.

The meeting, held at the ministerial level for the first time, focused on bilateral trade issues and opportunities to expand economic cooperation.

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