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August 17, 2012
Canada and China release joint study on trade and economic ties
Following a meeting in June 2010 between Canadian Prime Minister Stephen Harper and Chinese President Hu Jintao, officials from both countries jointly undertook a study to provide an analytical basis on which to evaluate potential economic complementarities between the two countries in a selected range of sectors.
The study was released this week and its completion helps to set the stage for the two countries to take the next step: the launch of exploratory discussions on further deepening trade and economic relations.
In its conclusions the study demonstrates that international trade is a key contributor to the prosperity of the Canadian and Chinese economies. Yet trade and investment flows between the two countries represent a relatively small proportion of each nation's overall international economic activity. The study's authors see it as an important indication of the untapped potential for further growth in the relationship.
In examining the two countries' production and export strengths, demand and import characteristics, growth opportunities and bilateral challenges in seven sectors of interest, the study identifies a number of important complementarities. It also points out the need to address certain challenges to best take advantage of these complementarities.
The study concludes that the Canadian and Chinese governments should continue to deepen and strengthen bilateral trade and investment ties through appropriate bilateral instruments. The decision on whether or not to launch exploratory free trade discussions is now in the hands of politicians in both countries.
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