Canada and China this week released a study that examines the “economic complementarities” that exist between the two countries as part of a broader effort to expand bilateral trade and economic relations. According to a press release by Foreign Affairs and International Trade Canada, the study provides a broad overview of the Canadian and Chinese economies and bilateral trade relations and examines seven economic sectors in greater depth. These sectors are agriculture and agri-food (including fish and seafood), clean technology and environmental goods and services, machinery and equipment, natural resources and derived products, services, transportation infrastructure and aerospace, and textiles and related goods.
The study concludes that the Canadian and Chinese governments should continue to deepen and strengthen bilateral trade and investment ties through appropriate bilateral instruments to ensure that citizens in both countries can continue to build a prosperous and sustainable future. Minister of International Trade Ed Fast indicated that the Canadian government is “carefully reviewing the information contained in the study” and “considering its findings.”
China is Canada’s second-largest single-nation trading partner with two-way merchandise trade of $65 billion last year. Canadian exports to China grew by 27% last year while imports from the mainland increased 8%. The Harper government has identified China as a priority market under its Global Commerce Strategy and has declared that advancing Canada’s trade and investment interests with that country is “key to the future and prosperity of Canadians.”