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Canada-China study an important step towards stronger trade ties: CME

Published by Stephanie Brooks on August 15, 2012

Today's release of a Canada-China Economic Complementarities Study is a critical step forward towards building strong trade and investment ties between the two countries, according to Canadian Manufacturers & Exporters (CME).

Canada's Minister of International Trade, Ed Fast, announced the completion of the report alongside China's Minister of Commerce, Chen Deming, which looks at the potential benefits of deepening the Canada-China bilateral trade and economic relationship.

"This joint study supports the case for building stronger economic ties and builds confidence and momentum towards engaging China on key trade issues," says CME President & CEO, Jayson Myers. "This will lead to finding important solutions that will enable businesses to take advantage of growing opportunities in both countries."

Leading up to today's announcement, CME advised the government to continue taking an incremental approach to growing trade with China. First, by adopting confidence-building measures, working to reinforce WTO-accepted trade principles, committing China to commercial practices based on market forces, and improving intellectual property protection.

CME expects this joint study will help enhance Canada-China relations and lead both governments to take stock of current trade barriers, and create a strategy to grow business between the two countries.

"With China accounting for more than a third of global output growth this year, and having surpassed the US as the world's largest manufacturing nation, its economic prominence has serious repercussions for every business and industry sector in Canada," says Myers.

CME will continue to work closely with Canadian officials as it continues to seek deeper ties with China.

China is Canada's second largest trading partner with $64 billion in two-way merchandise trade last year, and Canada's third largest export market with a record $16.7 billion in sales in 2011. It is also the country with which Canada has the largest trade deficit, at $32.3 billion.

To view the government's release, please click here.

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