Prime Minister Mark Carney’s trade deal with China has been hailed as a success 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.
“Entering Canada this week is a sign that the government gets you and it’s showing Canadians and the world that we’re open for business,” said Alexa Young with the Vancouver Fraser Port Authority.
The trade agreement will allow up to 49,000 Chinese EVs to enter Canada per year at a tariff rate of 6.1 percent.
The expanded car terminal at Annacis Island will be able to handle more capacity for more affordable cars 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 the government to ensure that affordability, competitiveness and long-term market stability remain priorities.”
In British Columbia, the overall reaction to Friday’s news has been positive.
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“The Chinese economy is important,” said Alex McMillan with the BC Chamber of Commerce.
“Having trade agreements like this – and diversifying our markets – is important. Providing certainty is important.”
There are concerns about the deal, including privacy issues and China’s human rights record. But Ottawa’s goal is to double trade with partners outside the United States, a goal that would not be possible without China.
“We want to see more trade and diversification of our markets and we know that China is an important country and an important economy, so to have a better trade relationship with them, I think it will be good,” McMillan said.
-via files from The Canadian Press
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