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  • News
  • News in Vietnam
  • 1 November 2021

Canada looks forward to deepening cooperation with ASEAN economies

Prime Minister Trudeau is trying to convince ASEAN to come to a free trade agreement with Canada to deal with the supply chain that has been “distorted” due to the COVID-19 pandemic.

According to the Vietnam News Agency correspondent in Ottawa, at the 2021 ASEAN Business and Investment Summit (ASEAN BIS) taking place online on October 25, in a pre-recorded message to the conference, Prime Minister Canada Justin Trudeau stressed that a free trade agreement between ASEAN and Canada would be a “win-win” agreement for all, especially in the context of economies struggling to get out of the pandemic.

Prime Minister Trudeau’s government has long sought a free trade agreement with the 10-nation Southeast Asian bloc.

According to observers, through his message on October 25, Prime Minister Trudeau is trying to convince ASEAN to come to a free trade agreement with Canada to deal with the supply chain that has been “deformed” due to the COVID pandemic. -19.

According to Prime Minister Trudeau, this agreement will help companies and entrepreneurs build business relationships and connections worldwide, help investors be more confident when investing in international markets, and protect supply chains from uncertainties caused by COVID-19.

[The Canadian government will continue to prioritize the relationship with Vietnam]

Global trade bottlenecks have recovered more slowly than consumer demand for goods and even more slowly as the COVID-19 pandemic continues to evolve and public health measures are in place implementation.

“As we end our fight with COVID-19, deepening Canada’s relationship with ASEAN economies and diversifying trade across the Asia-Pacific will play an important role in our recovery,” Prime Minister Trudeau said.

ASEAN is Canada’s sixth-largest trading partner. Currently, Canada has accessed to the market of four ASEAN members including Brunei, Malaysia, Singapore, and Vietnam, through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

During the last election campaign, the Liberal Party platform promised to focus on helping businesses take advantage of opportunities under the CPTPP and build a new Asia-Pacific strategy to deepen regional relationships, including new trade agreements.

According to a preliminary assessment by the Canadian government, an ASEAN-Canada free trade agreement could increase Canadian exports of goods and services to these regions by 13.3%, worth $2.67 billion.

(Source: vietnamplus)