Minister Ng establishes Canada-Vietnam Joint Economic Committee
January 10, 2022 - Ottawa, Ontario - Global Affairs Canada
To drive a strong, sustainable, and inclusive economic recovery, the Government of Canada is committed to strengthening the country's international trade ties with fast-growing markets, such as Vietnam’s.
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, and Nguyễn Hồng Diên, Vietnam’s Minister of Industry and Trade, witnessed the signing of a memorandum of understanding (MOU) between Canada and Vietnam to establish a joint economic committee (JEC).
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 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 recognizes 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.”
- Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
Canada and Vietnam will celebrate their 50th anniversary of diplomatic relations in 2023.
Vietnam has been Canada’s largest trading partner in ASEAN since 2015. In 2020, the value of two-way merchandise trade between Canada and Vietnam totalled $8.9 billion, up from $8 billion in 2019.
The CPTPP entered into force for Vietnam in January 2019. Since then, the agreement has provided significant opportunities for Canadian products in the Vietnamese market, especially in the agri-food and seafood sectors.
The third anniversary of the signing of the CPTPP was celebrated on December 30, 2021
With a combined GDP of $5 trillion and a population of approximately 650 million, ASEAN represents the world’s fifth-largest economy and third-most populous consumer market.
The 45th anniversary of Canada-ASEAN relations will be celebrated in 2022.
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