Prime Minister Mark Carney’s trade mission to China is being framed as a win for British Columbia’s economy.
Carney announced a new deal with Beijing on electric vehicles and canola at the end of a high-profile trip on Friday.
“The inroads Canada has made this week are a sign that the government gets it and is showing Canadians and the world that we are open for business,” Alexa Young with the Vancouver Fraser Port Authority said.
The trade deal would allow up to 49,000 Chinese EVs into Canada yearly at a tariff rate of 6.1 per cent.
An expanded auto terminal on Annacis Island will be able to handle the additional volume of cars that could be more affordable than what is currently on the market, with prices expected to be under $40,000.
The New Car Dealers Association said in a statement to Global News that, “We look forward to reviewing the full details of this announcement and engaging constructively with governments to ensure that affordability, competition, and long-term market stability remain central considerations.”
In British Columbia, the overall reaction to the news on Friday is positive.
Get breaking National news
“China’s economy is important,” Alex McMillan with the B.C. Chamber of Commerce said.
“Having trade deals like this — and diversifying our markets — is important. Providing certainty is important.”
There are concerns with the agreement, including privacy issues and China’s human rights record. But Ottawa’s goal is to double trade with partners outside the United States, which is a goal that would be impossible without China.
“We do want to see more trade and more diversification of our markets and know that China is an important nation and important economy, so having better trade relationships with them, I think overall is going to be good,” McMillan said.
–with files from The Canadian Press
Comments
Want to discuss? Please read our Commenting Policy first.