China and Canada Extend Reciprocal Trade Arrangement Through 2028

China and Canada have agreed to extend their reciprocal trade arrangement through the end of 2028, maintaining market access provisions for agricultural products and steel and aluminum products, according to news reported on November 6.

The extension covers preferential access to the Chinese market for Canadian products including canola meal, peas, lobster and crab, as well as access to the Canadian market for relevant Chinese steel and aluminum products. The arrangement is intended to support stability in bilateral trade and supply chain expectations.

For exporters and buyers covered by the arrangement, extending the access provisions provides a longer period over which to plan sales and sourcing. The effects on individual transactions will depend on the terms applicable to each product and on future market conditions; continued access alone does not establish how trade volumes or prices will change.

Further details on product coverage and implementation will be relevant to businesses assessing how the extension applies to their shipments.