Finance Minister François-Philippe Champagne is currently on a visit to China this week, aiming to strengthen the ties initiated by Prime Minister Mark Carney’s visit to the country earlier this year. The visit, scheduled from Tuesday to Saturday, involves meetings with key government and business figures to foster new investments and partnerships.
During Carney’s visit in January, which notably included a meeting with Chinese President Xi Jinping, significant agreements were reached. These agreements led to a reduction in Chinese tariffs on canola seed, in exchange for Canada permitting 49,000 Chinese electric vehicles into the country at a reduced tariff rate of 6.1 percent. Additionally, tariffs on canola meal, peas, lobster, and crab were suspended.
One of the key outcomes of the visit was a new target set by the two leaders to boost Canadian exports to China by 50 percent within the next five years. However, some Chinese tariffs on Canadian goods, particularly pork, still remain in effect.
Champagne’s current visit is seen as a continuation of the economic and financial discussions initiated during the prime minister’s trip. This move comes as Canada seeks to diversify its trade partners amidst uncertainties surrounding the Canada-U.S. trade relationship, exacerbated by U.S. President Donald Trump’s persistent imposition of tariffs on Canadian steel, aluminum, lumber, and automobiles.
The discussions during the visit are expected to include a focus on forced labor issues, following recent controversies involving one of the Liberal MPs questioning the existence of forced labor in China. Carney emphasized Canada’s commitment to addressing forced labor concerns, ensuring supply chain integrity, and upholding stringent labor standards in trade agreements. Champagne is anticipated to engage in similar dialogues during his current visit to China.