BEIJING – China and Canada have reached specific arrangements to properly address trade issues related to electric vehicles, steel and aluminum products, canola, and agricultural and aquatic products, according to the Chinese Commerce Ministry.

To implement the important consensus reached by the leaders of China and Canada, both sides have recently conducted multiple rounds of intensive consultations at various levels, focusing on key economic and trade issues of mutual concern, the ministry said in a statement on Friday.

The two sides have reached a positive consensus on increasing direct flights, improving the business environment, and inspection and quarantine of agricultural products, it said.

This marks an important step in resolving bilateral trade concerns and represents a new starting point for deepening economic and trade cooperation.

Looking ahead, both sides will jointly implement the hard-won outcomes of these consultations, accelerate finalizing details, clarify timelines, develop action plans, expedite the completion of their respective domestic procedures, and promote early implementation of the outcomes, the ministry said.

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The two sides will fully leverage the China-Canada Joint Economic and Trade Commission mechanism to continue expanding cooperation, resolving issues, managing differences, and promoting the healthy, stable, and sustainable development of China-Canada economic and trade relations, it said.

Currency swap agreement

The People's Bank of China (PBOC) has renewed a bilateral currency swap agreement with the Bank of Canada, the central bank of Canada.

The value of the swap is 200 billion yuan (about $28.5 billion), the central bank said in a statement on Friday.

The agreement is valid for five years and can be renewed upon mutual consent, per the statement.

The renewal of the currency swap agreement will help enhance financial cooperation between the two countries, expand the use of local currencies between China and Canada, facilitate bilateral trade and investment, and maintain financial stability.