Sino-Canadian trade ties hailed at Toronto forum

The Canada-China Forum on Trade and Investment Cooperation opened in Toronto on Monday, where Ren Hongbin, chairman of the China Council for the Promotion of International Trade, headed a visiting delegation of Chinese companies.

The event marked the highest-level commercial engagement between the two countries since their leaders met at recent APEC meetings in South Korea — a summit that Ren said produced "important consensus" and "strategic guidance" for improving bilateral ties.

Noting this year marks the 55th anniversary of diplomatic relations and the 20th anniversary of the countries' strategic partnership, Ren told participants, "China-Canada economic and trade cooperation is ushering in a favorable period of accelerated development."

China remains committed to deeper commercial engagement with Canada, he said, adding that the council has long worked to advance practical cooperation between the two sides.

The Chinese delegation — representing sectors including finance, engineering, logistics and medical devices — was dispatched to "implement the important consensus reached by our leaders" and to "further promote exchanges and cooperation between the business communities of China and Canada", he said.

Ren also underscored strong trade fundamentals between the two countries.

China has been Canada's second-largest trading partner for 22 consecutive years, with bilateral trade reaching $93 billion last year, he added.

"Canada's exports to China grew by 6.1 percent to $46.6 billion, representing Canada's first trade surplus with China in many years."

Both countries should expand cooperation in new areas such as clean energy, climate action and innovation, Ren said. The goal is to "achieve mutual benefit and win-win outcomes across a broader scope, in more areas and at deeper levels", he added.

Regarding supply-chain cooperation, he said China and Canada have "highly complementary resource endowments and economic structures".

Ren invited Canadian businesses to take part in the next China International Supply Chain Expo, which has become "a globally recognized economic and trade event and a widely participated international public good".

He also urged both sides to strengthen cooperation in multilateral frameworks, including APEC. "The business communities of China and Canada should follow the right direction of free trade and economic globalization."

In addition, Ren emphasized confidence in China's economic outlook. "China has consistently contributed around 30 percent to global economic growth," he told the forum.

China's GDP grew 5.2 percent in the first three quarters, and the recent fourth plenary session of the 20th Central Committee of the Communist Party of China reaffirmed the country's commitment to high-quality development and high-level opening-up, he said.

Renewed momentum

Bijan Ahmadi, executive director and chief operating officer of the Canada China Business Council, said Canada's business community sees renewed momentum in relations with China after the recent summit between the two countries' leaders.

The talks marked a shift in the tone of bilateral ties, Ahmadi told China Daily.

"We are at a turning point in the bilateral relationship between Canada and China," he said. "There are, of course, still challenges and outstanding issues between the two countries that they're discussing and negotiating. But there are great opportunities, and we're glad to see these dialogues happening."

The Chinese business delegation in Toronto — the first of its kind in seven years — is another sign of improving economic ties, he said.

"Our economies are complementary," he said. "There are many things that we produce that China wants to buy, and there are things from China that are very beneficial for the Canadian economy."

China's position as Canada's second-largest trading partner and the depth of two-way investment reflect the strength of the economic relationship, he said. "We already do a lot of business together. There is more room to grow our business together."

gaoyang@chinadailyusa.com