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TRADE WARS
Canada's Harper secures billions in trade with China
by Staff Writers
Beijing (AFP) Feb 9, 2012


Canada's Prime Minister Stephen Harper oversaw the signing of nearly 3 billion Canadian dollars (US$3 billion) in trade agreements with China on Thursday after holding talks with leaders in Beijing.

The deals, in industries ranging from aviation to railways, came on the second day of a four-day official visit aimed at boosting trade between resource-rich Canada and the Asian giant.

"Our governments have worked very well together... we're committed to many of the same things, including of course opening markets and developing our own strategic partnership," said Harper in Beijing.

"Two-way investment has increased almost 700 percent during the last seven years. Canadian direct investment in China rose to nearly five billion dollars in 2010, up nearly 40 percent from the previous year."

Canada's Bombardier Aerospace said it had agreed to sell six CRJ900 NextGen planes to China Express Airlines in a pact valued at $264 million that could grow to $491 million if several options were realised.

The company also said the Aviation Industry Corporation of China (AVIC), China's biggest aviation company, was the undisclosed buyer of six CRJ-900 planes announced in an October deal.

Canaccord Financial Inc and the Import-Export Bank of China also announced the intention to establish a $1 billion fund focused on investing in Canada's resource sector.

In another deal, Bombardier Transportation agreed to provide the Beijing Rail Transport Construction Co Ltd with 470 million yuan ($74 million) worth of supply propulsion systems for the Beijing underground.

An official at the signing ceremony said all the agreements signed Thursday were valued at nearly 3 billion Canadian dollars.

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