Prime Minister Stephen Harper says a new trade deal between Canada and China has the potential to create thousands of jobs and strengthen important trading ties between the two countries.
The Canada-China Foreign Investment Promotion and Protection Agreement was signed during the APEC summit in Russia on Sunday.
Harper said the new rules are designed to correct the currently lopsided trade relationship between the two countries as well as protect Canadians investing in China.
鈥淚t not only protects investments that are undertaken, but also provides greater certainty to investors looking at this kind of market,鈥� Harper told reporters on Sunday.
Harper said his government is creating the right conditions for Canadian businesses to compete globally.
鈥淭his agreement with China, the world鈥檚 second largest economy, will provide stronger protection for Canadians investing in China, and create jobs and economic growth in Canada.鈥�
This year, China has spent a record $11 billion in Canada, however Canada鈥檚 investments in China have only totalled $4.6 billion.
During Harper鈥檚 meeting with Chinese President Hu Jintao, the Chinese leader said he attaches great importance to the relationship between the two countries.
Harper replied, 鈥淚 look forward today to discussing with you a range of issues and finding ways to further strengthen our relationship.鈥�
The prime minster said during the meeting he also raised concerns about China鈥檚 human rights record.
鈥淲e always raise those issues, they're always part of the dialogue we have with (the) Chinese,鈥� said Harper. 鈥淚t鈥檚 not always appreciated, but it鈥檚 always on our list.鈥�
The meeting with the Chinese leader was considered one of Harper鈥檚 top priorities during the APEC summit, as the Conservatives seek to narrow Canada鈥檚 trade deficit with China.
Canada's annual exports to China are just shy of $17 billion, but its imports total $48 billion.
The prime minister said Industry Canada鈥檚 ongoing review of China National Offshore Oil Co.鈥檚 bid to buy Calgary-based Nexen Inc. was not discussed.
鈥淭he Chinese side did not raise the issue of (the) Nexen takeover,鈥� said Harper. 鈥淭hey understand that is subject to Canadian legal process, which as prime minister I'm severely restricted to comment.鈥�
China has already invested heavily in Canada's natural resources sector, but the Nexen bid has sparked concern because CNOOC is a state-owned entity.
Following the summit, Harper said APEC provides Canada with the opportunity to engage with the growing economies of the Pacific Rim.
鈥淲e are, for example, negotiating with the Trans Pacific Partnership, conducting exploratory talks with Thailand, and are undertaking free trade negotiations with Japan and South Korea,鈥� he said.
With files from The Canadian Press and a report from CTV鈥檚 Richard Madan
