09:05 | 15/03/2018 Cooperation
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which was signed in Chile on March 8, will open up new opportunities for cooperation between Vietnam and Canada.
The signing was an important starting point for establishing a potential free trade area with a population of nearly 500 million people and a GDP of around US$10 trillion, or 13 percent of the global GDP.
According to Steward Beck, President and CEO of the Asia-Pacific Fund Canada, the pact is really important for Canada because it will gain access to the Japanese market, Canada’s fourth largest market, as well as well as others like Vietnam, Singapore, and ASEAN, which are important markets with which the north American country does not yet have trade arrangements.
“It is going to give Vietnam advantages,” he told Vietnam News Agency’s correspondent on the eve of the official signing ceremony. For Canada, “It gives us advantages in places like Vietnam,” he added.
He highlighted Vietnam’s potential with a young labour force and half of the population being under 25 and well educated. “Once you start marketing CPTPP with the Canadian business community, they will start focusing on the opportunities Vietnam has to offer them.”
Beck identified fields the two sides have opportunities for cooperation on, such as technology, which, he said, will become much more important in doing business today through e-commerce, finance technology, and services, along with Vietnam’s export of more seafood and other products to Canada.
“In the next two-three years, once the agreement is enforced, we will see more engagements with Vietnam in areas important for Vietnam and Canada.”
He believes more people will seek out Vietnam and more people will see what opportunities it will create for that type of business.
Besides, there is a large Vietnamese community in Canada, they will help because they know what business opportunities are in Vietnam. They will be able to make those connections, Beck affirmed.