BYLINE: October 29, 2019 15:00:42In a joint statement on Friday, Russia, Canada and the United States signed an agreement on the establishment of the China-Russia-Canada-U.S. China-China-Russia pipeline consortium.
The agreement was approved by the United Nations.
The agreement will establish an exclusive, strategic and high-quality energy trade partnership for both countries.
It will provide an alternative for China and Russia to develop a wide-range of markets and markets for the sale of products, including energy products, raw materials and raw materials products.
It is expected to help to build confidence in China and improve bilateral trade and investment links.
The joint statement said the consortium will be led by the China Southern Energy Corporation (CSEC) and will include Chinese state-owned enterprises as well as Russian companies.
The Chinese state company, CSEC, has already invested more than $10 billion in projects in Canada.
The consortium will have a 30-year development period, beginning in 2020.
CSEC and the Russian state oil company Rosneft will jointly develop the pipeline.
In the announcement, Canada said it is committed to “strengthening our cooperation with Russia, strengthening its strategic partnership with Canada and helping it achieve economic growth in its region and the world”.
“Canada will continue to support our allies and partners to pursue opportunities to develop cooperation, cooperation and trade,” Prime Minister Justin Trudeau said.
“Our countries will strengthen our cooperation to address the challenges of climate change, climate and energy security, and to secure peace and stability in the Middle East.”
The agreement follows the U.S.-China announcement last month that it is creating the first ever bilateral energy trading pact between the two nations.
The two countries signed the trade pact with a commitment to explore “potentially a range of opportunities to expand the benefits of bilateral trade to Canada and China”.
“The two countries will work together to explore and explore new opportunities to establish new economic cooperation in energy, gas and other industries in the context of the Paris Agreement,” said Canadian Energy Minister Brad Duguid.
“The Canadian economy will benefit from enhanced opportunities to diversify our energy supplies to the most competitive markets in the world.”