Canada considers Southeast Asia gateway to Indo-Pacific
The Canadian Chamber of Commerce and the Export Development Canada (EDC) have co-organised a forum in Montreal, discussing the nation’s gateway to the Indo-Pacific, which groups 40 countries whose economic activities are worth close to 50 billion USD.
Canada is currently pressing ahead with its Indo - Pacific strategy implementation, investing approximately 2 billion USD in trade to build more connections with and strengthen its presence in the region. (Photo: VNA)
Ottawa (VNA) – The Canadian Chamber of Commerce and the Export Development Canada (EDC) have co-organised a forum in Montreal, discussing the nation’s gateway to the Indo-Pacific, which groups 40 countries whose economic activities are worth close to 50 billion USD.
Speaking to the Vietnam News Agency, Vice President of Strategic Policy & Global Partnerships at the Canadian Chamber of Commerce Catherine Fortin LeFaivre said the event is an opportunity for businesses to gain a deeper understanding of the opportunities and more directions when considering expanding their operation in the region.
Canada is currently pressing ahead with its Indo - Pacific strategy implementation, investing approximately 2 billion USD in trade to build more connections with and strengthen its presence in the region. In this strategy, the Association of Southeast Asian Nations (ASEAN) holds the central position, with Canada and the bloc upgrading their relationship to a strategic partnership in September 2023.
President and CEO of the Asia Pacific Foundation of Canada Jeff Nankivell noted that the strategy covers the organisation of fact-finding trips for Canadian trade delegations. These delegations visited Malaysia and Vietnam recently, with plans to visit Indonesia and the Philippines later this year.
According to Nankivell, Canada is also opening offices in ASEAN member states to step up cooperation in trade investment, innovation, modern technology, health care, and the environment. There are currently Canadian agricultural and trade offices in the Philippines and Singapore, respectively, with the establishment of an innovation one pending for Vietnam.
A high level of interest in Canada regarding the development and expansion of relationships with Vietnam has been noticed, he said. Canadian universities and colleges are seeking to attract more students from the country, while Canadian businesses are looking to invest in its market and attract Vietnamese investment in new areas.
EDC Chief Representative in Southeast Asia Olivia Lee observed that Vietnam’s highlights include its ongoing energy transition process, particularly wind and solar energy development.
꧂ Florent Favrel, Director of the Quebec Chamber of Commerce, said Quebec always sees Vietnam as a gateway to the Indo-Pacific and the first door that local businesses should open thanks to its immense potential./.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has opened up numerous opportunities for Vietnam and Canada to boost two-way trade, however, tax initiatives under the trade pact have not been tapped to the fullest extent by the Vietnamese exporters, said Vietnamese Trade Counsellor in Canada Tran Thu Quynh.
Export Development Canada (EDC) is planning to open an innovation office in Ho Chi Minh City this autumn as Vietnam is one of the priority countries in the Indo-Pacific region of the North American nation, said an EDC official.
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Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
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