Canada Trade Agreement with Vietnam

The recent Canada trade agreement with Vietnam has been making headlines in both countries. The agreement, formally known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was signed on January 14, 2019. The partnership is expected to open up opportunities for businesses in both countries, with increased trade and investment.

The agreement covers a wide range of areas, including goods and services trade, investment, and intellectual property. It also includes provisions for labour and the environment. This comprehensive agreement is aimed at promoting economic growth, creating jobs, and raising living standards for the people of both Canada and Vietnam.

Under the trade agreement, Canadian businesses will have increased access to the Vietnamese market, which has a population of approximately 97 million people. Vietnam is one of the fastest-growing economies in Southeast Asia, with a GDP growth rate of 6.8% in 2019. The country is also known for its manufacturing capabilities, particularly in the textiles and electronics industries.

On the other hand, Vietnamese businesses will have the opportunity to expand their trade with Canada, which has a highly developed economy and a population of approximately 38 million people. Canada is known for its natural resources, including oil, gas, and minerals, as well as its advanced manufacturing and technology industries.

The Canada-Vietnam trade agreement is expected to lead to increased trade between the two countries, with a focus on exports and imports of goods and services. The agreement is also expected to lead to increased investment, with Canadian companies investing in the Vietnamese market and Vietnamese companies investing in the Canadian market.

In addition to the economic benefits, the agreement also includes provisions for labour and the environment. For example, the agreement includes provisions on minimum wage and working conditions, as well as protection for the environment.

Overall, the Canada-Vietnam trade agreement is a significant step forward for both countries. It is expected to lead to increased economic growth, job creation, and higher living standards for the people of both countries. Canadian businesses will have increased access to the Vietnamese market, while Vietnamese businesses will have the opportunity to expand their trade with Canada. With provisions for labour and the environment, the agreement is also focused on ensuring that growth is sustainable and benefits all stakeholders.