Vietnam, Canada look to boost trade cooperation

At the second meeting of the Vietnam – Canada Joint Economic Committee (Photo: VNA)

Hanoi (VNA) – The Vietnam – Canada Joint Economic Committee opened its second meeting in Hanoi on March 27, looking to enhance trade and investment collaboration.

In his opening remarks, Minister of Industry and Trade Nguyen Hong Dien affirmed that the two countries have witnessed quantum leap in the relations, ellaborating trade and investment exchange has enjoyed positive growth after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which Vietnam and Canada are members, took effect.

He held that there is huge room for the two countries to boost cooperation, given the complementary nature of the two economies together with the collaboration frameworks that they have established.

Against the backdrop, the joint committee has an important role to play in promoting bilateral cooperation in the areas of economy, trade, investment, agriculture and science-technology, among others, he stressed, adding it should work to consolidate and strengthen the bilateral supply chain through reviewing the cooperation, removing roadblocks and identifying solutions and priorities in the coming time.

Meanwhile, Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng spoke highly of Vietnam’s leading position in Canada’s Indo-Pacific Strategy (IPS) which was announced in November 2022.

She said that she is leading a commerce delegation with 250 members from nearly 200 enterprises to Vietnam from March 26 to 29 to connect trade and investment opportunities and fortify the supply chain with Vietnam so as to realise the IPS’s targets.

Co-chaired by Deputy Minister of Industry and Trade Phan Thi Thang and Deputy Minister of International Trade Rob Steward, the meeting covered various issues, including trade, investment, agriculture, energy, finance, customs, science-technology, education and training and energy transition.

Attending the event, the Business Council of Canada, the Canada-ASEAN Business Council and the Vietnam Chamber of Commerce and Industry suggested the Government create favourable conditions for the two sides to develop their trade and investment ties to a stronger and more effective manner in the time ahead.

The joint economic committee, established in January 2022, held its first meeting in Vancouver in July after countries open their border after COVID-19. The meeting created a new dialogue between the two governments, helping deepen the Comprehensive Partnership, with economic cooperation being an important pillar./.