Canada announces decision to apply for AIIB membership

Canada will apply to join the China-backed Asian Infrastructure Investment Bank, or AIIB, Canadian and bank officials said on Wednesday, making it the latest ally of the United States to join the new global development bank.

The Chinese president welcomed Canada’s announcement regarding its desire to join the AIIB as he discussed with the Canadian PM on Wednesday, stressing that China is willing to expand cooperation with Canada in energy and finance.

Canada’s entry leaves the US and Japan as the only Group of Seven holdouts, giving China another win as it establishes new channels for influence to match its ambitions.

In June China’s Foreign Minister Wang Yi berated a Canadian journalist while visiting Ottawa for questioning Beijing’s human rights record, saying her question was “full of prejudice and arrogance” and that she had “no right to speak”. Then this month British Columbia instituted a tax on foreign real estate buyers, a move aimed nearly exclusively at wealthy Chinese blamed for driving the Vancouver housing market. Chinese President Xi Jinping has also seen major US allies such as the United Kingdom, South Korea, France and Italy join the bank. “Maybe it has realized it’d be hard to boost bilateral ties if it always insists in putting human rights issues on top of its agenda”.

Trudeau recalled a “new era” in bilateral relations started in 1970 by his late father.

Premier Li said judicial authorities would handle Garratt’s case “in strict accordance with the law” and that his right to consular visits would be upheld.

Trudeau made the remarks in a dialogue session with Chinese entrepreneurs, during his first visit to China after he took office as Canadian prime minister last November. “I’m extending that effort now”.

Justin Trudeau, who brought his own daughter on the trip, said he hoped to pass along “friendship and the openness towards China” not only to his own children, but also to the future generations of Canada.

Xi’s vision of achieving the same great-power status enjoyed by the US got a boost previous year when the U.K., Germany, France and Italy signed on to the AIIB.

The U.S. and Japan-the world’s third-largest economy-have notably declined to join the AIIB. Other U.S. allies such as Australia and South Korea also signed up.

The Beijing-headquartered multilateral lender, which began operations earlier this year, has been seen by some as a rival to the World Bank and the Philippines-based Asian Development Bank, which was founded in 1966. The bank’s President Jin said China’s share will be diluted as more new members go on board.