Vietnam, Canada seek to raise annual bilateral trade to $8B

Vietnam, Canada seek to raise annual bilateral trade to $8B

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  • Despite adverse impacts from the COVID-19 pandemic, two-way trade still reached US$5 billion in 2020, up 31% before the CPTPP took effect
  • Vietnam and Canada will strive to raise two-way trade to US$8 billion in the next two years

Vietnam and Canada will strive to deepen cooperation in various spheres, including raising two-way trade and encouraging their businesses to tap into the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnam’s Minister of Foreign Affairs Bui Thanh Son and his Canadian counterpart Marc Garneau on June 14 held phone talks agreeing to enhance bilateral ties and deepen the Canada-Vietnam comprehensive partnership, reported Vietnam News Agency.

The two ministers discussed the fruitful development of Vietnam-Canada relations in many fields, especially since the two countries elevated the bilateral relations to the comprehensive partnership in 2017.

Despite adverse impacts from the COVID-19 pandemic, two-way trade still reached US$5 billion in 2020, up 31% before the CPTPP took effect.

The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam that enables greater market access between member states.

As Vietnam and Canada move towards the 50th founding anniversary of their diplomatic ties (1973-2023), the ministers agreed to take concrete measures to promote relations as directed by their respective prime ministers during phone talks on May 19, 2021. These include the exchange of delegations at all levels and the regular maintenance of cooperation mechanisms between the two foreign ministries.

Bui and Garneau also agreed that Vietnam and Canada will strive to raise two-way trade to US$8 billion in the next two years and encourage their businesses to take advantage of opportunities brought by the CPTPP.

The two sides likewise plan to strengthen cooperation in education, finance, digital economy, innovation, sustainable development, clean energy, response to climate change and cooperation between localities.

They also intend to expand collaboration in many fields, especially in fighting the COVID-19 pandemic and supporting Vietnam’s access to COVID-19 vaccines.

The two ministers also discussed the international and regional situation, including the East Sea issue, affirming the significance of observing international law, including the 1982 UN Convention on the Law of the Sea or UNCLOS. They also agreed to continue working together closely at regional and international multilateral forums such as the United Nations, the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the International Organization of the Francophonie.

Photo by Hieucd

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