In a recent announcement, Canadian Minister of International Trade, Jim Carney, revealed that the recent agreement with China will bring about a significant reduction in tariffs on select sectors. This move comes as a relief to both countries, as they continue to work towards strengthening their trade relationship.
The agreement, which was signed by Carney and his Chinese counterpart, Minister of Commerce Zhong Shan, aims to cut tariffs on a few sectors that were recently hit with tariffs. This includes sectors such as seafood, forestry, and agriculture, which have been facing challenges due to the ongoing trade tensions between the two nations.
Carney emphasized that this agreement is a step towards finding a solution to the trade disputes between Canada and China. He stated, “This agreement is a positive development for both countries, as it shows our commitment to resolving trade issues and fostering a stronger trade relationship.”
The reduction in tariffs will provide a much-needed boost to the affected sectors, allowing them to regain their competitiveness in the Chinese market. This will not only benefit Canadian businesses but also create new opportunities for job growth and economic prosperity.
The agreement also includes provisions for increased market access for Canadian products, which will further benefit the Canadian economy. This includes an increase in the quota for Canadian beef and the removal of tariffs on Canadian canola seed. These measures will help Canadian producers and exporters to expand their reach and tap into the vast Chinese market.
Furthermore, the agreement also addresses non-tariff barriers that have been hindering trade between the two nations. This includes the recognition of Canadian organic products, which will now have easier access to the Chinese market. This is a significant achievement for Canadian organic farmers and will open up new opportunities for them to export their products to China.
Carney also highlighted the importance of this agreement in strengthening the overall trade relationship between Canada and China. He stated, “This is a positive step towards building a stronger and more mutually beneficial trade partnership between our two countries. We are committed to working together to address our trade challenges and create a win-win situation for both nations.”
The agreement comes at a crucial time, as Canada and China have been facing trade tensions since the arrest of Huawei’s CFO, Meng Wanzhou, in December 2018. This led to China imposing tariffs on Canadian products, causing significant disruptions in the affected sectors. However, with this recent agreement, there is hope for a resolution to the ongoing trade disputes.
In conclusion, the recent agreement between Canada and China to reduce tariffs on select sectors is a significant development that will have a positive impact on both nations. It not only provides relief to the affected sectors but also paves the way for a stronger trade relationship between the two countries. With this agreement, Canada and China have taken a step towards resolving their trade issues and creating a more prosperous future for both nations.