Canada, China Strike Major Trade Agreement
"We're focusing on areas where we can make historic gains, in agriculture, in energy, in finance, that's where we can make the most immediate progress," Carney said at the start of the meeting.
"Together, we can build on the best of what this relationship has been in the past, to create a new one, adapted to new global realities that will deliver stability, security, and prosperity for people on both sides of the Pacific," Carney told Xi.
Enhanced cooperation with China would help "improve the multilateral system -- a system that has in recent years come under great strain," he stated.
Carney's Beijing visit underscores Ottawa's strategic pivot away from overwhelming dependence on American markets.
The remarks arrive against a backdrop of Washington-imposed tariffs, the Trump administration's armed intervention in Venezuela, and provocative threats from the White House to absorb Canada as America's 51st state.
China levied retaliatory duties on Canadian goods last year following Ottawa's imposition of charges on Chinese-manufactured electric vehicles, steel, and aluminum products.
Carney has pledged to expand non-American exports twofold within a decade.
Chinese authorities will grant visa-free entry to Canadian travelers, Carney announced.
He revealed Canada will permit importation of up to 49,000 Chinese electric vehicles with dramatically slashed tariffs—previously set at 100% before his four-day diplomatic mission launched Wednesday.
Beijing agreed to slash canola seed import duties from approximately 84% down to roughly 15%, he disclosed.
"Canada and China have reached a preliminary but landmark trade agreement to remove trade barriers and reduce tariffs," he told a news conference after meeting with Xi.
Xi Declares Breakthrough in Bilateral Relations
Xi characterized China-Canada relations as reaching a "turning point" during their previous encounter in South Korea last October.
"In the past couple of months, the agencies of our two countries have engaged in deep discussions on resuming and restarting cooperation across the board and producing the positive results. I am heartened by the progress," Xi told Carney.
"A healthy and stable China-Canada relationship serves the common interest of our two countries. It is also good for the peace, stability and prosperity of the world," Xi said.
Xi said that China is ready to continue to work with Canada "with a sense of responsibility for the history, for the people and for the world to further advance the relationship in a positive direction and bring it on a track of healthy, steady, and sustainable development."
Thursday's discussions included Chinese Premier Li Qiang, who signaled Beijing's desire for strengthened Canadian partnership.
A joint communiqué released post-meeting outlined both nations' dedication to establishing a "new strategic partnership," with Canada reiterating its enduring one-China position.
Both governments reinforced their support for multilateral frameworks, endorsing the United Nations' central authority in global governance, protecting and enhancing the rules-based international trade architecture centered on the World Trade Organization, and maintaining resilient worldwide industrial and supply networks.
Officials signed memoranda of understanding covering the China-Canada economic and trade cooperation roadmap, energy collaboration, crime prevention, modern wood construction, cultural exchange, food safety protocols, and animal and plant health initiatives.
Carney touched down Wednesday for the four-day diplomatic mission—the first Chinese visit by a Canadian prime minister in eight years.
Former Prime Minister Justin Trudeau last traveled to China in 2017.
Canadian officials described Carney's agenda as prioritizing elevated dialogue on "trade, energy, agriculture, and international security."
Canada and China formalized diplomatic relations in 1970, with bilateral trade reaching $67 billion by the conclusion of 2024.
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