November 26, 1996 No. 217

EGGLETON ANNOUNCES ADDITIONAL EXPORT FINANCING FOR CHINA

The Honourable Art Eggleton, Minister for International Trade, today announced, at the Canada-China Business Council annual general meeting in Shanghai, Canada's intention to negotiate the extension of a concessional line of credit to China for up to $75 million.

"Canada is committed to supporting Canadian businesses in China," said Mr. Eggleton. "The extension of a concessional line of credit will ensure that Canadian exporters are on the same footing as competitors who use similar financing facilities in China."

The Export Development Corporation (EDC) has been asked to begin discussions with Chinese officials on this concessional line of financing. The EDC also has available several commercial lines of credit with Chinese banks. These lines can provide up to $430 million in export financing to support the sale of Canadian goods and services.

As Canada's fourth-largest export market, China constitutes a priority country for Canadian exporters. Many of Canada's strengths closely match China's needs, making China a key market for Canadian exports of value-added goods and related services.

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For further information, media representatives may contact:

Nicole Bourget

Director of Communications

Office of the Minister for International Trade

(613) 996-6271

Media Relations Office

Department of Foreign Affairs and International Trade

(613) 995-1874

This document is also available on the Department's Internet site: http://www.dfait-maeci.gc.ca