Canadian Prime Minister Justin Trudeau has jetted off to China for his second visit, in which many believed would result in the announcement that Canada and China would enter into a free trade agreement.
Trudeau first visited China as Prime Minister back in 2016, and a free trade deal has been a focal point of discussion between the two countries for over a year.
Anticipation was high leading up to the trip, as if a free trade deal had been announced, it would make Canada the first of the G7 countries to enter into a free trade agreement with China.
This however appears not to be the case, at least not yet anyway as after a long day of talks on Monday, Chinese Premier Li Keqiang stated that the two sides would continue having “exploratory” talks on a trade deal.
Despite having clearly enjoyed a good day of open communication with great dialogue, neither side hinted as to why a potential free trade agreement was not finalized.
While no big announcement was made, the day was not a total waste as the two leaders made three deals;an agreement to expand trade in agriculture, an action plan to combat climate change, and a memorandum of understanding for a joint learning initiative.
“We believe that done properly a trade agreement would benefit both countries, creating jobs, strengthening the middle class, and growing our economies,” Trudeau said.
“Canada is, and always has been, a trading nation.”
“We see tremendous potential in such cooperation,” Li said.
“We will continue to work on the FTA — that is, exploratory talks or a feasibility study,” Li added. “China is open to such talks.”
Kevin Garcia was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Kevin spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Tribaux, kevin mostly covers markets and trade.