Canada could boost exports of oil, natural gas and uranium to China under agreements reached during Prime Minister Mark Carney’s visit to Beijing.
Mr. Carney announced Canada would welcome Chinese investments in areas including energy, agriculture and consumer products as part of a joint “economic and trade cooperation roadmap” released by Beijing and Ottawa Thursday.
Ottawa and Beijing also signed a memorandum of understanding on “strengthening energy co-operation,” a deal that comes amid rising petroleum exports to China from Canada. Chinese companies have taken delivery of liquefied natural gas from Canada’s first LNG export facility in 2025 and have ramped up purchases of Canadian oil over the last year.
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Canadian flags flew over Tiananmen Square on Thursday as the Prime Minister was received by Chinese Premier Li Qiang at Beijing’s Great Hall of the People. China’s foreign minister Wang Yi declared that Mr. Carney’s first visit to China marked a “turning point” in relations after years of strained ties.
Mr. Carney is in China this week seeking more foreign investment and markets for Canada to offset the damage Donald Trump’s protectionist tariffs are doing to the Canadian economy.
The pact, signed by Energy and Natural Resources Minister Tim Hodgson for Canada, said both countries “recognize that conventional energy continues to play an important role in the energy transition” and agree to “strengthen exchanges in areas such as oil and gas resources development, including crude oil, liquefied natural gas and liquefied petroleum gas trade.”
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The agreement said both countries recognize Canada as an “important potential partner in responsibly produced and reliable global oil, LNG, and LPG supply and will explore opportunities for mutually beneficial co-operation based on market principles.” LPG refers to liquefied petroleum gas.
The pact, which builds on previous agreements, also promotes Canadian uranium sales to China, saying the two countries aim to “strengthen cooperation in natural uranium trade.”
As he introduced the delegation to Premier Li, Mr. Carney pointed to Saskatchewan Premier Scott Moe and said his province has lots of uranium.
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