Canada and China signed on Thursday several cooperation agreements, including in the energy sector, as Canadian Prime Minister Mark Carney hailed “a new era” in bilateral relations during an official visit to China.
Energy, forestry, food safety, crime, and culture were areas in which the two economies pledged cooperation as Canada is seeking to diversify trade partners away from the United States in the face of the hostile trade policy of the Trump Administration.
In the energy space, Canada and China agreed to discuss energy policy and vowed to cooperate in clean energy technologies.
The two countries also agreed to create regular ministerial dialogue meetings on energy, which are expected to be held every 12 to 18 months.
Upon landing in Beijing late on Wednesday, Canada’s Carney posted on X that “The relationship between Canada and China has created opportunities and prosperity on both sides of the Pacific.”
“We’re ready to build a new partnership — one that builds on the best of our past, and responds to the challenges of today.”
Ahead of the visit, Carney noted that “China is our second-largest trading partner, and the world’s second largest economy. A pragmatic and constructive relationship between our nations will create greater stability, security, and prosperity on both sides of the Pacific.”
The Canadian PM also said that Canada and China are entering a “new era of relations” and the two countries could be “strategic partners.”
Carney will meet with Chinese President Xi Jinping on Friday after meeting with China’s second-most powerful official, Premier Li Qiang, on Thursday.
The Carney-Xi meeting is expected to pave the way for “upward growth” in the bilateral relationship, the Chinese Premier said today.
Faced with tariffs by its top trade partner, the U.S., Canada is eager to diversify its exports, including energy exports, to Asia. Canada is now even considering a brand-new oil pipeline to the Pacific Coast to boost exports.
By Tsvetana Paraskova for Oilprice.com
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