Ottawa (NAV) – Vietnam and Canada held the first meeting of the Joint Economic Committee in Vancouver on July 6 to help lift bilateral economic relations to a new level and intensify the two countries’ comprehensive partnership.

The event was co-chaired by Vietnamese Deputy Minister of Industry and Trade, Do Thang Hai, and Canadian Deputy Minister of International Trade, David Morrison.

The two sides discussed challenges and opportunities for bilateral trade and investment amid economic and political uncertainties, changing global supply chains, post-pandemic market diversification and recovery trends. economy in the world.

Morrison said his country attaches importance to Vietnam, which has been its biggest trading partner in ASEAN since 2015. Bilateral trade has increased further amid the COVID-19 pandemic, hitting a record high of CAD 10.5 billion (USD 8 billion) in 2021.

The establishment of the Joint Economic Committee reflects Canada’s desire to strengthen and diversify economic ties with key partners in the Indo-Pacific region, he said, adding that his country wishes to further promote ties with Vietnam through to this new mechanism, which corresponds to its commitment to strengthen its engagement in the Indo-Pacific and the common vision of the two countries for this region, with ASEAN at the center.

Participants at the first meeting of the Joint Economic Committee (Photo: VNA)

Officials also noted the strong growth in bilateral trade and investment since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force in 2019 despite the effects of the pandemic.

The agreement has created a great opportunity for Canadian products in the Vietnamese market, particularly in the food processing and fishing sectors. The accessibility of Vietnamese products to the North American market has also improved, as evidenced by the record export value of C$9.8 billion last year.

However, they felt that trade and investment cooperation has not yet lived up to its potential and still needs to be fostered.

Both sides agreed to make joint efforts to diversify and expand trade by facilitating the export of goods and services as well as investment flows.

The meetings of the Joint Economic Committee are held every two years in rotation, but the next session will be held in Vietnam in 2023, due to the need to accelerate bilateral economic relations in the current context.

Also on July 6, the Vietnamese Ministry of Industry and Trade and Global Affairs Canada held a business forum in Vancouver.

Vice Minister Hai said that with their commodity structures and complementary advantages as well as the favorable conditions created by the two governments, there is still plenty of room for the development of bilateral trade and investment.

He expressed his belief that Vietnam will be a “solid bridge” helping Canada to carry out its trade diversification strategy in the Asia-Pacific region and, in return, Canada will help Vietnam boost trade with its partners in North America and throughout the Americas.

Morrison, guest of honor at the forum, said that with efforts to strengthen trade and investment promotion, businesses and workers in both countries will further benefit from new supply chains and market diversification./ .