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CABC leader views Vietnam as important trading partner of Canada

Vietnam is an important trading partner of Canada in the Association of Southeast Asian Nations (ASEAN), and this will open up chances for stronger cooperation between the two countries to expand Canadian goods and services’ presence in Asia, said co-chair of the Canada - ASEAN Business Council (CABC) Janet De Silva.
CABC leader views Vietnam as important trading partner of Canada ảnh 1Participants in the recent event held by the Canada - ASEAN Business Council in Toronto (Photo: VNA)
Toronto (VNA) – Vietnam is an important tradingpartner of Canada in the Association of Southeast Asian Nations (ASEAN), andthis will open up chances for stronger cooperation between the two countries toexpand Canadian goods and services’ presence in Asia, said co-chair of theCanada - ASEAN Business Council (CABC) Janet De Silva.

ASEAN holds the central part of the Indo-Pacific Strategy ofCanada. The two sides elevated their ties to a strategic partnership and arepromoting the signing of a free trade agreement (FTA). The North Americannation forecast the bloc will account for half of the global GDP before 2040.

Addressing a recent event held in Toronto by the CABC, DeSilva said ASEAN, one of the regions with the strongest development in theworld, is focusing on economic growth and climate transition initiatives. It iscurrently the world’s fifth largest economy and emerging as a new global centrefor trade, exchanges and innovation. Meanwhile, Canada has technological strengthand businesses able to contribute to these initiatives.

Shehighlighted Vietnam as an important ASEAN partner of her country in terms oftrade and agriculture, noting that the two countries’ cooperation will not onlyhelp increase the size of the Vietnamese economy but also develop the Canadianeconomy.

Vietnam has been a good and important partner of Canada inASEAN over the last 50 years, being the biggest trading partner of the North American country in the bloc. The country posts an average economic growth rate of 7% for the last 30 years, and is considered a gateway for Canadian firms to develop in this region, according tothe official.

CABC leader views Vietnam as important trading partner of Canada ảnh 2From left: Vietnamese Ambassador to Canada Pham Vinh Quang, Minister of Economic Development, Job Creation and Trade of Ontario Victor Fedeli, and CABC President Wayne Farmer at the event (Photo: VNA)
Noting the recent successful trip to some Asian countries, includingVietnam, Minister of Economic Development, Job Creation and Trade of Ontario Victor Fedeli told the Vietnam News Agency that tradebetween Vietnam and Canada could be further boosted by capitalising on their comprehensivepartnership and the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP).

Vietnam is one of the 10 biggest trading partners of Canadathanks to the CPTPP, with bilateral trade growing 23% last year, he noted.

CABC President Wayne Farmer said the council iscoordinating closely with the Vietnamese Government, the embassy and representativediplomatic bodies of the country in Canada to make a plan for next year thatwill include activities on energy transition, clean technology, exploitation of CPTPP,and the FTA that Canada and ASEAN are working to achieve.

The CABC is aware of the importance of bolsteringties with this region. With Canada’s recent commitments in many strategies,from the Indo-Pacific Strategy and the Canada - ASEAN strategic partnership tothe two countries’ comprehensive partnership, the CABC is making more progressin enhancing the strategic partnership and support for Canadian businesses inSoutheast Asia, he added.

The CABC, founded in 2012 by Canadian companiesoperating in ASEAN, is headquartered in Singapore and has an office in Montrealcity./.
VNA
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