China, Canada eye deeper economic ties

VANCOUVER - Visiting Chinese Commerce Minister Chen Deming and his Canadian counterpart Ed Fast on Sunday discussed ways to lift bilateral trade and investment.

The talks, held Sunday, come only 14 days after the two ministers signed the China-Canada Foreign Investment Promotion and Protection Agreement (FIPA) in Russia. The pact will provide legal guarantee for two-way investment.

During the meeting, Chen and Fast discussed two-way investment, financial cooperation, market access for agricultural food, and the development of energy and mine resources.

They also exchanged views on regional and international economic issues of common concern, according to China's Ministry of Commerce.

"The China-Canada Complementarities Study, finished in August, has shown the strong economic complementarities and huge cooperation potential between the two countries," Chen said, calling for further action to push bilateral economic and trade cooperation based on the research findings.

He said the newly signed FIPA would promote two-way investment in more areas and at higher levels, adding the Chinese government encouraged Chinese companies to carry out various forms of cooperation in Canada under the principle of "mutual benefit and common development."

The Chinese government would also continue to welcome Canadian enterprises to invest in  China, Chen said.

According to Canadian statistics, China is Canada's second-largest trading partner. Bilateral trade volume reached $47.4 billion in 2011, up 27.8 percent year on year.