CPTPP benefits Vietnam-Canada trade ties: expertsThursday, March 25,2021
AsemconnectVietnam - Vietnam and Canada have enjoyed robust trade ties thanks to opportunities brought by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that took effect in Vietnam from January 14, 2019, heard a conference held in Hanoi on March 23.
Bilateral trade in goods totaled 8.9 billion USD in 2020, up 12 percent year-on-year and 37 percent from two years ago despite critical impacts from the COVID-19 pandemic.
Vietnam’s shipments to the American country rose nearly 16 percent in 2020, with a considerable increase seen in exports of mobile phones, footwear, furniture and garment.
Vietnam and Canada will reap further benefits when more countries participate in the trade pact.
According to Canadian Ambassador to Vietnam Deborah Paul, CPTPP has improved the accessibility for trade and service activities between the two nations consolidated a common set of rules, reduced costs for trade activities, and helped better competitive edge of Vietnamese and Canadian products in both markets.
Canada has abolished 94 percent of tax lines for Vietnamese exports, while the Southeast Asian country has removed nearly 66 percent of tax lines for imports from Canada. Additionally, non-tariff barriers have been improved in a transparent manner, facilitating trade flows between the two nations.
Without the COVID-19 pandemic, CPTPP could bring larger benefits to Vietnam-Canada trade, Loc stressed.
“Maybe we have to live with COVID-19 in the near future, at least. We are lucky to have CPTPP, which allows us to bolster trade with the world in this tough time”, he said./.
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