Canada China Business Council president Graham Shantz said diversification is Canada's only realistic path forward, stressing that China’s role as a global growth engine makes it a vital partner for Canadian prosperity.
Ties between the two sides are in the spotlight this week as Canadian Prime Minister Mark Carney is currently embarking on an official visit to China, the first by a Canadian Prime Minister to the country in eight years.
Canada will grant an annual quota of 49,000 Chinese-made electric vehicles (EVs), under which imports will enjoy a most-favored-nation tariff rate of 6.1 percent and will no longer be subject to the additional 100-percent surcharge, with the quota set to increase year by year at a certain proportion.
In an interview with China Global Television Network (CGTN), Shantz emphasized that Canada's prosperity depends on diversification, noting that the country is working to resolve issues and revitalize ties with China. He welcomed Canada’s decision to open its market to Chinese-made EVs, saying the move would deliver greater benefits to people in both nations.
"In terms of what the Prime Minster said on a very specific details of EVs, is that China is a world leader in the technology and in the production. As a Canadian, it's a lower price point than others can supply the Canadian market. There's a consensus among Canadians that prosperity matters, jobs at home matters, dealing with the economic consequences of the volatility in our neighborhood matters. And I'm pretty confident that prosperity remains in the main focus back home and the only realistic option for Canada going forward is diversification. And if you're going to diversify, China is where you have to reach out that objective, it's a major piece of that with the third of the growth in the global economy still coming out of the Chinese economy," said Shantz.
Canadian business official highlights diversification, confidence in China's market
