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CPTPP benefits Vietnam-Canada trade ties: experts

Vietnam and Canada have enjoyed robust trade ties thanks to opportunities brought by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that took effect in Vietnam from January 14, 2019, heard a conference held in Hanoi on March 23.
CPTPP benefits Vietnam-Canada trade ties: experts ảnh 1At the conference to review Vietnam-Canada trade ties after CPTPP has come into force for two years. (Photo: VNA)
Hanoi (VNA) – Vietnam and Canada have enjoyed robust trade tiesthanks to opportunities brought by the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) that took effect in Vietnam from January14, 2019, heard a conference held in Hanoi on March 23.

Bilateral trade in goods totaled 8.9 billion USD in 2020, up 12 percentyear-on-year and 37 percent from two years ago despite critical impacts fromthe COVID-19 pandemic.

Vietnam’s shipments to the American country rose nearly 16 percent in 2020,with a considerable increase seen in exports of mobile phones, footwear,furniture and garment.

Vietnam and Canada will reap further benefits when more countries participatein the trade pact.

According to Canadian Ambassador to Vietnam Deborah Paul, CPTPP has improvedthe accessibility for trade and service activities between the two nationsconsolidated a common set of rules, reduced costs for trade activities, andhelped better competitive edge of Vietnamese and Canadian products in bothmarkets.

CPTPP benefits Vietnam-Canada trade ties: experts ảnh 2Canadian Ambassador to Vietnam Deborah Paul (Photo: VNA)
Vietnam has been the biggest trade partner of Canada in the Association ofSoutheast Asian Nations (ASEAN) since 2015. Meanwhile, the nation is the secondbiggest importer of Canadian agricultural products and seafood such as cerealproducts, nuts, fish, crustaceans, fruits, beef, pork and dairy products.

CPTPP establishes duty-free access for trade in goods between the twocountries, while helping Vietnamese consumers purchase high-quality productsfrom Canada at reasonable prices.

President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Locdescribed Vietnam-Canada trade ties as one of the most successful modelsbrought by CPTPP thanks to sustained efforts made by businesses of bothcountries in setting up market development rules.

The two nations have seen remarkable achievements in their import-exportactivities, and the trade pact plays an important role, Loc said.
CPTPP benefits Vietnam-Canada trade ties: experts ảnh 3President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Photo: VNA)
Canada has abolished 94 percent of tax lines for Vietnamese exports, while theSoutheast Asian country has removed nearly 66 percent of tax lines for importsfrom Canada. Additionally, non-tariff barriers have been improved in atransparent manner, facilitating trade flows between the two nations.

Without the COVID-19 pandemic, CPTPP could bring larger benefits toVietnam-Canada trade, Loc stressed.

“Maybe we have to live with COVID-19 in the near future, at least. We are luckyto have CPTPP, which allows us to bolster trade with the world in this toughtime”, he said./.
VNA
#CPTPP #Vietnam #Canada #trade ties #duty-free access #high-quality products #import-export activities #non-tariff barriers #Vietnam News Agency #Vietnamplus
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