Canada and China to Hold High Level Economic Dialogue
Minister Champagne discussed supply chain integrity and trade with Chinese officials. The nations agreed to hold a high-level economic dialogue later this year.
Canada's Finance Minister François-Philippe Champagne met with officials in China this Friday to discuss trade expansion and the critical importance of supply chain integrity. The meeting comes as Ottawa navigates trade relations amid scrutiny from the United States regarding international labor standards.
The discussions between Champagne and Chinese Vice Premier He Lifeng primarily focused on the financial services sector, alongside trade in energy and pork. These talks are part of a strategic effort to increase Canadian exports to the Chinese market by 50% by 2030. During the session, Champagne emphasized the necessity of maintaining high ethical standards in global commerce.
Canada puts a lot of importance on supply chain integrity and that our bilateral trade needs to be conducted in accordance with international standards.
This focus on supply chain ethics follows a recent announcement by the office of the Trade Representative in the United States, which has initiated Section 301 probes into 60 economies, including the Canadian market, over concerns regarding forced labor. China currently stands as the second-largest trading partner for the North American nation, with bilateral trade valued at approximately C$120 billion ($86.1 billion).
Champagne also clarified that the automotive sector was not a subject of the meeting, despite recent speculation regarding Stellantis and its potential discussions with Chinese partner Zhejiang Leapmotor Technology about electric vehicle production in the region.
Following the meeting, both nations agreed to hold a high-level economic and financial dialogue in the second half of this year to further strengthen their economic relationship.
