As part of the Canadian government's effort to broaden its trading relationship with China, the North American country recently confirmed that it is sending two Liberal cabinet ministers to visit the Asian superpower. The two ministers are headed to Beijing in November and are expected to co-chair a high-level business conference between the two countries.
The two cabinet ministers expected to visit China soon are Finance Minister Bill Morneau and International Trade Minister Jim Carr. The two Canadian cabinet members are expected to stay in China for two days starting Nov. 11.
Aside from improving the current trade relations between China and Canada, the two cabinet ministers are also expected to flaunt the possibility of business ties with China. While the upcoming meeting has raised some questions, Mr. Carr has said on several occasions that the meeting in China will not violate any of the agreed-upon terms that were stipulated in the recently concluded United States-Mexico-Canada agreement.
Mr. Carr said that the North American Free Trade Agreement, as well as the newly discussed United States-Mexico-Canada Agreement, covers quite a broad termination clause. The clause Mr. Carr is referring to allow any party to leave the agreement regardless of their reason provided that they have given a six-month notice to the other parties.
Following the signing of the new agreement between the United States, Canada, and Mexico, the Chinese embassy in Ottawa called it an inclusionary strategy. A statement from the embassy said that the agreement targets some of China's possible trading partly. Additionally, it also unfairly brands the country as a non-market economy.
Despite these criticisms, many trade analysts and experts rallied support to Mr. Carr's somewhat careful approach regarding trade talks with China. Many lauded Mr. Carr for his cautious strategy which allows it to freely talk with China, while at the same time not angering its neighbor to the south.
China and the United States have been embroiled in a bitter trade spat. As two of the world's largest economies, the trade war have severely hurt global economic standing and poses a significant threat to smaller and rising economies.
The United States, in its effort to curb China's unprecedented economic boom, imposed a massive tariff against various Chinese goods amounting to more than $250 billion. As part of its retaliatory tactic, China, in turn, levied its own set of tariffs against American imports. The trade war have dealt a serious blow, not only to the economies of the two countries but also to those that rely on them for trade.
