Canadian Prime Minister Marc Carney announced today, Friday, from the Chinese capital Beijing, that a preliminary trade agreement has been reached between Canada and China. This agreement represents a step towards reducing the customs duties imposed by the two countries on each other in recent years.
Carney stated, in a press conference held during the first visit of a Canadian Prime Minister to China in eight years, that the agreement is considered “historic” and aims to remove obstacles to trade between the two countries and reduce customs duties, after a period of tension in relations.
He added that China is expected to reduce tariffs on Canadian canola seeds by March 1, while Canada will allow 49,000 Chinese electric vehicles to enter its markets with preferential tariffs.
This agreement comes in the context of Canada’s pursuit of expanding its trade alliances, in light of the tensions that mar its relations with the United States, due to the escalation of protectionist rhetoric and trade pressures since the return of US President Donald Trump to the political scene.
