ASEAN holds the central part of the Indo-Pacific Strategy of Canada. The two sides elevated their ties to a strategic partnership and are promoting the signing of a free trade agreement (FTA). The North American nation forecast the bloc will account for half of the global GDP before 2040.
Addressing a recent event held in Toronto by the CABC, De Silva said ASEAN, one of the regions with the strongest development in the world, is focusing on economic growth and climate transition initiatives. It is currently the world’s fifth largest economy and emerging as a new global center for trade, exchanges and innovation. Meanwhile, Canada has technological strength and businesses able to contribute to these initiatives.
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Participants in the recent event held by the Canada - ASEAN Business Council in Toronto |
She highlighted Vietnam as an important ASEAN partner of her country in terms of trade and agriculture, noting that the two countries’ cooperation will not only help increase the size of the Vietnamese economy but also develop the Canadian economy.
Vietnam has been a good and important partner of Canada in ASEAN over the last 50 years, being the biggest trading partner of the North American country in the bloc. The country posts an average economic growth rate of 7% for the last 30 years, and is considered a gateway for Canadian firms to develop in this region, according to the official.
Noting the recent successful trip to some Asian countries, including Vietnam, Minister of Economic Development, Job Creation and Trade of Ontario Victor Fedeli told the Vietnam News Agency that trade between Vietnam and Canada could be further boosted by capitalizing on their comprehensive partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnam is one of the 10 biggest trading partners of Canada thanks to the CPTPP, with bilateral trade growing 23% last year, he noted.
CABC President Wayne Farmer said the council is coordinating closely with the Vietnamese Government, the embassy and representative diplomatic bodies of the country in Canada to make a plan for next year that will include activities on energy transition, clean technology, exploitation of CPTPP, and the FTA that Canada and ASEAN are working to achieve.
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From left: Vietnamese Ambassador to Canada Pham Vinh Quang, Minister of Economic Development, Job Creation and Trade of Ontario Victor Fedeli, and CABC President Wayne Farmer at the event |
The CABC is aware of the importance of bolstering ties with this region. With Canada’s recent commitments in many strategies, from the Indo-Pacific Strategy and the Canada - ASEAN strategic partnership to the two countries’ comprehensive partnership, the CABC is making more progress in enhancing the strategic partnership and support for Canadian businesses in Southeast Asia, he added.
The CABC, founded in 2012 by Canadian companies operating in ASEAN, is headquartered in Singapore and has an office in Montreal city.
Source: VNA