China, Canada hold first ministerial-level economic

China, Canada hold first ministerial-level economic and trade talks BEIJING: China and Canada held their first ministerial-level meeting under the Joint Economic and Trade Commission (JETC) mechanism in Beijing on Tuesday, as the two countries seek to strengthen economic ties and address trade concerns. Chinese Commerce Minister Wang Wentao and Canada's Minister of International Trade Maninder Sidhu co-chaired the 29th meeting of the commission. According to China's Ministry of Commerce (MOFCOM), the two sides held candid and in-depth discussions on bilateral economic and trade relations, cooperation in traditional and emerging sectors, and issues of mutual concern. Li Chenggang, China's international trade representative and vice minister of commerce, also attended the meeting. Wang said recent economic and trade consultations between the two countries had made positive progress under the strategic guidance of their leaders. This included a further extension of certain exemptions under a preliminary joint arrangement between the two sides. China is willing to make full use of the JETC as a key channel for resolving trade differences and advancing economic cooperation, Wang said. He called on both sides to continue narrowing their list of outstanding issues while expanding areas of cooperation. He also urged the two countries to implement their economic and trade cooperation roadmap, consolidate ties in traditional sectors such as oil and gas, agricultural and aquatic products, and consumer goods, and explore new opportunities in advanced materials, advanced manufacturing, clean energy and smart agriculture. Sidhu described the current momentum in Canada-China relations as encouraging, saying the two sides had made progress in various areas by implementing the consensus reached by their leaders. Canadian agricultural and aquatic products have resumed exports to China, while bilateral trade has grown rapidly, he said. Calling the JETC one of the two countries' most important mechanisms for economic and trade dialogue, Sidhu said Canada was ready to work with China to address outstanding issues and advance cooperation through the framework. He also encouraged businesses from both countries to expand trade and investment, welcoming greater participation by Chinese companies in Canada's modern agriculture, manufacturing, financial services and energy sectors. Before the meeting, Wang and Sidhu jointly attended a China-Canada investment and trade roundtable. Following the meeting, the two sides signed a memorandum of understanding on establishing a China-Canada business leaders' roundtable, according to MOFCOM.