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Canada and China sign bilateral trade agreement
Saturday, November 27, 1999
POST-INTELLIGENCER NEWS SERVICES
TORONTO -- Canada fell into step with the United States yesterday, signing a bilateral agreement matching the landmark U.S.-China deal that earlier this month paved the way for China to join the World Trade Organization.
The deal calls for reduced tariffs on Canadian exports to China, with priority given to telecommunications equipment, aircraft, canola oil and paper products, Canadian International Trade Minister Pierre Pettigrew said during a signing ceremony in Toronto.
Joining him for the ceremony was Shi Guangsheng, China's minister for foreign trade and economic cooperation.
Before it can enter the WTO, China must reach market-opening agreements with other key powers in the organization, including the 15-member European Union.
"Important issues still need to be resolved multilaterally, issues to finalize the overall pathway for China's entry, but we are confident this can be done quickly," Pettigrew said.
China's Shi said negotiations with other WTO members will be speeded up, and he reiterated Beijing's position on compliance with WTO regulations.
"After its accession into the WTO . . . China will undertake its corresponding responsibilities and strictly abide by WTO rules," he said through a translator, adding that China's inclusion in the WTO will help its "reform and opening to the outside."
In its deal with China, Canada negotiated tariff reductions on priority goods that will see duties fall from an average of 12.5 percent to about 5 percent in under three years. Also, China will open the door to Canada's booming high-tech industry by eliminating all tariffs on items covered by the International Telecommunications Agreement, such as telecoms equipment, within five years.
The deal is similar to the U.S.-China agreement, signed two weeks ago, in many respects. But it also addresses unique Canadian interests, mostly related to agricultural products, which made up more than 55 percent of Canada's exports to China in 1998.
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