Canada, Vietnam Sign MOU to establish joint economic committee
Mary Ng, Minister of International Trade, Export Promotion, Small Business, and Economic Development, and Nguyễn Hồng Diên, Vietnam’s Minister of Industry and Trade, on Monday 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, a news release said.
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, but it will also 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,” Minister Ng said.