Vietnam is Canada’s largest trade partner in ASEAN

Focusing on the Asian region, particularly ASEAN member states, including Vietnam, is Canada’s strategy in seeking dynamic partners. The initiative was affirmed in Canada’s 44th parliament and during an online discussion on Asia policy held recently by Canada-ASEAN initiatives in cooperation with the Vietnam-Canada Friendship Association.

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Vietnam has long been Canada’s largest trade partner in Southeast Asia, while Canada is Vietnam’ second-largest trade partner in the Americas.

Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Canada has committed to eliminating duties on 95 percent of all tariff lines, which account for 78 percent of the total value of exports from Vietnam.

After the agreement officially entered into force for Vietnam in 2019, bilateral trade grew nearly 30 percent against 2018 and then 12 percent in 2020 against 2019 despite the negative impact of Covid-19.

The CPTPP is expected to become a driving force in boosting two-way trade and investment in the time to come.

ASEAN, including Vietnam, is a priority for the Canadian Government in promoting stable and long-term relationships in the region. Canada also seeks cooperation in all endeavours, such as socio-economy, policy, and security, among others.

Canada has committed to supporting trade, marine and aviation rights, and sovereign rights and the jurisdiction of countries bordering the East Sea, which are exercised in accordance with international law, including UNCLOS./.

VNA