Vietnamese Ambassador to Canada Pham Cao Phong. (Photo: VNA)Hanoi (VNA) – The Embassy of Vietnam in Canada incoordination with the Canada-Vietnam Trade Council on December 3 held a webinaron “Vietnam – Canada Trade in CPTPP: Ways Forward and Recommendations for thePost-COVID Era”, bringing together about 70 delegates from both sides.
Speaking at the event, Vietnamese Ambassador to Canada Pham Cao Phongemphasized that Vietnam proactively joining the CPTPP demonstrates theVietnamese government’s commitment to accelerating institutional reforms in thecontext of international integration. The country’s membership of free tradeagreements, such as CPTPP, would enhance its manufacturing capacity as well ascross-border trade, he said.
Phong noted that Vietnamese and Canadian goods are not competitive butsupplementary to each other. Vietnam mainly exports to Canada mobile phones,textile and garment, footwear, seafood and wood while its imports from Canadainclude wheat, soybeans, minerals, chemicals, and machinery, he added.
Speakers focused their discussions on how to effectively explore theCPTPP’s considerable potentials given that global supply chains are being restructuredbecause of COVID-19, how enterprises from both sides can strengthen mutualunderstanding, and what should be done to encourage Canadian firms to invest inVietnam.
Cindie-Ève Bourassa, Director of Diversity, FTA Promotion, TradeMissions and Outreach at the Global Affairs Canada, said the global tradesystem and trade deals like CPTPP have proved its importance at a time when COVID-19has caused severe disruptions to the global supply chains.
The new-generation trade pact brings big opportunities for Vietnam togain broader access to foreign markets as the 11-nation accord covers nearly500 million people, about 13.3 percent of the global gross domestic product (GDP)and 15 percent of the global trade revenue. It not only boosts trade but alsoeliminates non-tariff barriers and facilitates foreign investment, according toBourassa.
Canadian investors are very competitive in a number of areas ofVietnam’s interest, such as oil and gas, infrastructure development andrenewable energy, she said. She added that education is also a promising areafor the two nations, as Vietnamese spend around 3 billion USD annually foroverseas education and more and more Vietnamese students are interested inpursuing study in Canada.
Vietnam and Canada have seen steady growth in bilateral trade overrecent years, particularly after the CPTPP took effect in late 2018. Last year,the two-way trade rose by 23.4 percent to 6.1 billion USD. Vietnam is forecastto remain Canada’s largest trade partner in ASEAN with bilateral trade growing10 percent this year./.
VNA
