The Comprehensive and Progressive agreement for Trans-Pacific Partnership (CPTPP) will open up Canadian market for Vietnamese goods. The CPTPP will open doors for many processed and manufactured products which are Vietnam’s advantages like textiles and garments, footwear, wood and aquatic products.

Canada is one of the CPTPP members with the highest market-opening commitments. Under this pact, it will cut tariffs on 95 per cent of imports down to zero per cent, and that covers 78 per cent of Vietnam’s total export revenues from Canada. Though this market is also one of the three CPTPP members with which Vietnam has not yet signed a bilateral trade agreement, the two sides’ export structures do not compete with but are complementary to each other. All of Vietnam’s aquatic exports to Canada benefit from a zero per cent tariff. The North American market has also reduced import tariffs on wooden furniture, tea, pepper and cashew nut to zero per cent.

For Canada, this agreement will help reinforce relations with new free trade agreement partners like Vietnam and improve Vietnamese consumers’ awareness of Canadian goods. The CPTPP will also facilitate Canadian companies’ investment in and provision of technical support for Vietnam within the official development assistance framework so as to help local firms, especially those run by women.