Canada-Vietnam sign MoU for joint economic committee

17 Jan '22

2 min read

Pic: Shutterstock

Canada and Vietnam recently signed a memorandum of understanding (MOU) to establish a joint economic committee (JEC). The government of Canada is committed to strengthening the country's international trade ties with fast-growing markets, such as Vietnam, in order to drive a strong, sustainable, and inclusive economic recovery.

Mary Ng, Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development, and Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade, witnessed the signing of the MoU.

Vietnam is an important global trading partner to Canada and a vital economic player in the Indo-Pacific. By establishing the JEC, the government of Canada is advancing trade diversification in the region, building on the success of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and collaboration through Asia Pacific Economic Cooperation (APEC), as well as advancing free trade negotiations between Canada and the Association of Southeast Asian Nations (ASEAN), of which Vietnam is a member, the government of Canada said in a media release.

The MoU will provide a platform to improve dialogue and collaboration on shared and emerging priorities with Vietnam, Canada’s largest ASEAN trading partner. Not only will the MOU contribute to deepening the Canada-Vietnam bilateral relationship, it will enhance Canada’s presence in the Indo-Pacific and create opportunities for businesses to scale up and grow internationally.

“Canada recognises the growing importance of creating trade opportunities with Vietnam and the Indo-Pacific, including for our supply chains and our long-term economic growth and competitiveness. Businesses and workers in both Canada and Vietnam will benefit from enhanced and diversified supply chains supported by the new Joint Economic Committee,” said Minister Mary Ng.

Fibre2Fashion News Desk (KD)

More Textiles News - Canada...