News

Take further advantage of incentives from CPTPP to increase export turnover to Canada

Canada
Regulation & Compliances
Market & Price Trends
Published Mar 29, 2024

Tridge summary

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has played a pivotal role in boosting trade between Vietnam and Canada, with the trade value soaring to 10 billion USD from 2.5 billion USD in 2013. Despite this growth, only a small fraction (18%) of Vietnamese exports to Canada are benefiting from the CPTPP's tariff incentives, indicating a potential for more competitive pricing for Vietnamese goods in the Canadian market. Both nations recognize the importance of fully leveraging the CPTPP to strengthen their trade relationship, with Vietnam being Canada's largest ASEAN trading partner. Efforts are underway to enhance trade facilitation and tackle existing challenges, aiming to deepen economic ties and broaden cooperation across the ASEAN region and Asia.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) opens up great opportunities for Vietnam and Canada to promote trade exchange. However, the extent of taking advantage of tariff incentives for Vietnamese goods exported to Canada is still very limited, not fully promoting the value that this agreement brings. This is information shared by Ms. Tran Thu Quynh, Commercial Counselor, Embassy of Vietnam in Canada at the CPTPP Workshop - Dialogue with Ho Chi Minh City Customs Department by the Consulate General of Canada in Ho City Ho Chi Minh City coordinated with Ho Chi Minh City Customs Department, March 28. According to Ms. Tran Thu Quynh, if in 2013 the value of Vietnam-Canada trade only reached 2.5 billion USD, now this number has reached 10 billion USD. Among them, the export turnover of goods from Vietnam to Canada reached over 9 billion USD. However, it is worth noting that among these, only 18% use C/O CPTPP, the remaining more than 80% still ...
Source: Vietstock

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