Canada and China sign agreement to deepen financial sector ties

Canada and China have struck an agreement to deepen collaboration across their financial systems as the two countries seek closer economic ties.

The agreement

Finance Minister François-Philippe Champagne and International Trade Minister Maninder Sidhu hosted He Lifeng, vice-premier of China, in Vancouver over the past two days. After the meetings, Finance Canada released a joint statement saying the two sides agreed to "enhance financial sector co-operation."

That includes granting greater market access for financial services and fostering engagement between Canadian and Chinese regulatory authorities. The statement adds that both sides reaffirmed their support for multilateralism and "a transparent and predictable environment" for trade and investment.

Broader trade context

The agreement to deepen financial ties comes as Prime Minister Mark Carney is set to visit China later next week for the Asia-Pacific Economic Cooperation forum.

The deal also comes as temporary Chinese tariff relief on Canadian canola meal and peas is scheduled to expire at the end of December. Under an agreement reached earlier this year, China suspended additional tariffs on those products until Dec. 31. China also reduced tariffs on Canadian canola seed from nearly 85 per cent to a combined rate of 14.9 per cent under a separate arrangement.

Why it matters

The agreement formalizes closer financial sector ties between Canada and China at a time when temporary tariff relief on key Canadian agricultural exports is set to expire and the Canadian prime minister prepares to travel to China for an international forum.

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Sources

• thestar.com: Canada and China sign deal to deepen financial sector ties
• thespec.com: Canada and China sign deal to deepen financial sector ties
• ckom.com: Canada and China sign deal to boost financial ties | 650 CKOM
• cjme.com: Canada and China sign deal to boost financial ties | 980 CJME

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.