VANCOUVER
Canada and China have agreed to extend key market access and tariff arrangements and deepen financial sector cooperation following high-level economic talks in Vancouver.
Finance Minister François-Philippe Champagne and International Trade Minister Maninder Sidhu concluded meetings with Chinese Vice Premier He Lifeng on Monday as part of the Canada-China Economic and Financial Strategic Dialogue.
The two countries agreed to extend preferential market access arrangements for Canadian canola meal, peas, lobster and crab until the end of 2028, according to a statement from the Canadian government.
Canada also agreed to extend tariff remissions for certain Chinese steel and aluminum products through 2028.
"Extending this certainty through 2028 lets exporters plan, reinvest and rebuild buyer relationships instead of bracing for a year-end cliff," said Jiang Wenran, founding director of the China Institute at the University of Alberta.
On the financial front, the Office of the Superintendent of Financial Institutions and China’s National Financial Regulatory Administration signed a cooperation agreement to formalize engagement through a new Financial Regulatory and Supervisory Dialogue.
Officials from Finance Canada and China's Ministry of Finance also signed a memorandum of understanding on cooperation between finance ministries.
"As two major economies with significant commercial ties, Canada and China share an interest in maintaining an open dialogue and advancing economic cooperation," said Champagne.
He said the discussions focused on opportunities to expand two-way trade and investment and deepen financial cooperation.
"Building on my recent visit to China, our discussions in Vancouver focused on opportunities to expand two-way trade and investment and deepen financial cooperation," Champagne said.
"By working together where our interest aligns, we can create new opportunities for Canadian businesses and workers and build a stronger, more resilient Canadian economy."
Sidhu noted that Canadian goods exports to China grew 39 percent to almost $35 billion between January and September this year.
"From energy to agri-food to financial services, Canadian businesses see the scale of opportunity in China," Sidhu said.
"Greater, more predictable access to China is how we will help Canadian businesses diversify and create good-paying jobs at home."
According to the Chinese Ministry of Finance, the two sides also agreed to enhance cooperation in the financial sector, including on financial services market access, and to foster engagement between capital market and financial regulatory authorities.
The two finance ministries, financial regulators and central banks signed agreements covering cooperation between finance ministries, financial regulatory dialogue and the establishment of a financial working group.
Vice Premier He said China is willing to work with Canada to deepen cooperation in areas such as the economy and trade, finance and investment, and promote the stable and healthy development of China-Canada economic relations, according to information released by the Chinese embassy in Canada.
Market watchers said the renewal of bilateral engagement will bolster commercial confidence and offer predictability for exporters and importers.
"As a major consumer market and a resource-rich trading economy, China and Canada can contribute to global trade stability through sustained dialogue and practical cooperation," said Liu Dan, a researcher of Canadian Studies at Guangdong University of Foreign Studies.
China-Canada trade grew by 14.3 percent year-on-year to 615.69 billion yuan ($92.29 billion) in the first 10 months of 2026, while China's imports from Canada surged 20.1 percent, according to Chinese customs data.
Speaking during the recent China International Import Expo in Shanghai, Jason Hale, deputy minister of agriculture and irrigation for Alberta, predicted Canadian beef exports to China could approach 500 million Canadian dollars ($354 million) this year.
The meetings build on Prime Minister Carney’s visit to China in January, which renewed a strategic partnership between the two countries.
Canada has set a goal to increase exports to China by 50 percent by 2030.
This story was written by the e2gold.ca newsroom from reporting by Department of Finance Canada and China Daily Global Edition. Quotes are checked word for word against that reporting.