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CPTPP opens up opportunities for Canadian, Vietnamese firms

2019-03-14 10:17:21 Release

CPTPP opens up opportunities for Canadian, Vietnamese firms 

As the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has taken effect, Vietnam and Canada can boost cooperation across multiple fields such as agriculture, fisheries, infrastructure and clean technology, according to a Canadian official at a workshop on March 11. 

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Local customers buy fresh vegetables and fruit in HCMC. Agriculture in general and fruit and vegetables in particular are potential spheres for cooperation between Canada and Vietnam 

The workshop, titled “CPTPP: Vietnam”, was held in Toronto, the most populous city in Canada, to support Canadian small- and medium-sized enterprises in studying the Vietnamese market with the CPTPP taking effect, reported the Vietnam News Agency. 

The event was organized by the Canada-Vietnam Trade Council, in partnership with the Office of the Minister of Small Business and Export Promotion and the Ministry of Economic Development, Job Creation and Trade in the Canadian province of Ontario. 

Mary Ng, Canada’s Minister of Small Business and Export Promotion, spoke about the significance of the strong Canada-Vietnam ties, and of Vietnam’s position as the largest trading partner of Canada in the Association of Southeast Asian Nations. 

She expressed her hopes about connecting the business communities of the two sides to promote bilateral trade. She noted that the Canadian side can fund the activities of its enterprises to research the market and engage in trade fairs, with the aim of sounding out business opportunities in Vietnam. 

Statistics showed that Canada exported goods worth C$1.02 billion to Vietnam, while importing commodities worth C$5.38 billion from the country last year. This indicated that Vietnam has been at a great advantage in its trade ties with Canada. 

Jay Allen, Executive Director for the Trade Policy and Negotiations-Asia Division at Global Affairs Canada, who was deputy head of Canada’s CPTPP negotiation team, pointed out the strengths of the Vietnamese market. 

Some advantages included a strategic position in Southeast Asia, a young population with 60% of the total 95 million people aged under 30, and high gross domestic product (GDP) growth of more than 6% annually since 2014. 

Allen noted that there are an abundance of cooperation opportunities between the two countries in agriculture, aquatic farming, infrastructure, clean technology, and information and communications technology, among other fields. 

Since the CPTPP was ratified, Canadian firms have paid greater attention to Vietnam, according to Nguyen Dai Trang, director of the Canada-Vietnam Trade Council. 

She revealed that the council will further introduce the Vietnamese market to Canadian businesses through the organization of and participation in such events, while also supporting delegations in understanding the Vietnamese market. 

Canada is the only country in the Group of Seven, or G7, which shares trade agreements with all members of the group. 

The Canadian business community is keen on various Vietnamese products, especially farm produce such as pork, beef, chicken, and fresh fruit. 

The CPTPP forms a trading bloc consisting of 11 countries – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam – with a combined GDP of US$13.5 trillion, or 13.5% of global GDP, with 495 million consumers. 

The pact is expected to raise Vietnam’s GDP and exports by 1.32 and 4.04 percentage points, respectively, by 2035. The total revenue from imports will rise by 3.8 points, lower than the incremental growth of exports. As such, the overall impact on the trade balance will be favorable.

Source: english.vietnamnet.vn