Canada and China are extending a January trade arrangement for two years, to the end of 2028, Trade Minister Maninder Sidhu announced Wednesday. The deal, struck during Prime Minister Mark Carney's earlier visit with President Xi Jinping, gives Canadian canola meal, peas, lobster and crab clearer access to China while allowing certain Chinese steel and aluminum into Canada. Sidhu said canola seed exports to China have jumped 84 per cent since March. The extension comes as Chinese Vice Premier He Lifeng prepares to visit Vancouver and Carney plans to return to China later this month for APEC meetings in Shenzhen.
Prime Minister Mark Carney says Canada and the U.S. are closer to a trade deal, though work remains. Speaking at the Commonwealth summit in Antigua, Carney said Washington is now "asking less" and "offering more," and that talks have intensified since negotiations collapsed in August. American demands touching Canada's red lines, including rules promoting French-language content on streaming services and limits on Canada's ability to sign deals with other countries, are now off the table. Autos are expected to remain a key sticking point. Carney plans to meet President Donald Trump at the APEC summit in China later this month.
U.S. asset manager Blackstone and four Canadian institutional investors have agreed to a US$3.1-billion deal for a 49.9 per cent stake in the Mitsubishi Corporation subsidiary that holds its share of LNG Canada, the country's first large-scale liquefied natural gas export terminal. The group includes CPP Investments, OMERS, the Investment Management Corporation of Ontario and PSP Investments. Mitsubishi, which owns 15 per cent of the Kitimat project, stays in control and keeps its full share of gas supply. The money will also help fund the Phase 2 expansion, which will double the terminal's capacity to 28 million tonnes a year.
