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BEIJING, Oct. 10 (Xinhua) -- Chinese State Councilor and Foreign Minister Wang Yi and his Canadian counterpart, Chrystia Freeland, discussed global trade and their bilateral partnership over the phone on Wednesday.

The inauguration comes a little more than four months after the two countries established diplomatic ties on May 1, following several years of trade exchanges.

Tariff cuts introduced to date will help reduce corporate and consumer tax burdens by nearly 60 billion yuan (about 8.7 billion U.S. dollars) and lower China's overall tariff rate from 9.8 percent last year to 7.5 percent.

Chinese companies not only have strong presence at European fairs, but also in European markets.

Aiming to make the international system work better, China has launched a number of international and regional cooperation initiatives, including the Belt and Road Initiative, the Asian Infrastructure Investment Bank, and the 16+1 Cooperation, which are all open and transparent, he said.