NEW YORK - Canada wants to increase bilateral cooperation with China to meet the target of $60 billion in trade volume between the two major economies by 2015, according to the Canadian Foreign Affairs Minister Lawrence Cannon.

"That's the target, and we want to meet the target. We are pleased with the relations with China, particularly in terms of trade relations and investment," Cannon told China Daily during a visit to New York on Wednesday.

China and Canada set the target of increasing bilateral trade to $60 billion by 2015 last year.

Trade between the nations hit $4.5 billion in January, with China's imports from Canada surging by 146.7 percent while its exports to Canada increased 29.6 percent.

In 2010, their bilateral trade totaled $37.1 billion, according to the latest figures from China's General Administration of Customs.

Increasing cooperation has benefited Canada's economy, for example through the "Approved Destination Status" China granted it last year, allowing Chinese travel agents to organize group tours to Canada.

"We are very pleased with the relations," Cannon said, adding that he is looking forward to meeting his Chinese counterpart to discuss new ways for cooperation.

"It's in everybody's interests to promote trade and trade relations wherever possible - that's our government's position," Cannon said in a speech.

Though it sends about 75 percent of its exports to the United States, Canada is diversifying its markets to lower the risk of falling external demand.

It is working on "a comprehensive trade agreement with the European Union countries", Cannon said.

Canada and Japan have agreed to jointly study the potential benefits of negotiating a "broad and ambitious" free-trade agreement, the Vancouver Sun quoted Canadian Federal Trade Minister Peter Van Loan on Tuesday as saying.

China is also an increasing source of job-creating investment in North America, but some high-profile cases have shown Chinese companies still face various barriers blocking their entry into the market. For example, Huawei Technologies, a major Chinese IT company, has backed off from purchasing a California technology company, citing a "recommendation" - or what analysts call "pressure" - from a US panel.

"We do have our new foreign investment laws and regulations in place, but that's not something detrimental to investment in Canada," Cannon said.

"All previous investments undertaken by either the banks in China or through other means have met those requirements," he said.

Canada raised its threshold for investment from World Trade Organization member investors in February and the amount for the year 2011 is $312 million, compared with the $299 million in 2010, according to the latest Investment Canada Act.

"It's just an annual adjustment that is in line with Canada's GDP growth, and the adjustment is easy for any investment that was $299 million last year after a review process," said Kenny Zhang, a researcher at Canada's Asia Pacific Foundation, a non-profit think tank on Canada's relations with Asia.

In addition to investments by large enterprises, small and medium-sized private enterprises are also eyeing Canada, according to a recent survey by the foundation.

The areas of investor interest go well beyond resources to include such sectors as manufacturing, hospitality, and finance, it said.

However, some negative opinion in Canada and difficulties in getting visas for senior managers of Chinese-invested companies are major barriers facing Chinese investors in Canada, Zhang said.

China Daily