Bilateral deals needed to facilitate Vietnamese garment, textile exports to Canada: Experts
Along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnamese garment and textile sector also needs a Vietnam-Canada free trade agreement or another bilateral deal to penetrate more deeply into the North American market, according to experts.
Vietnam is the third largest garment supplier to Canada with a market share of about 12%. Illustrative image (Source: VNA)
Ottawa (VNA) – Along with the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnamesegarment and textile sector also needs a Vietnam-Canada free trade agreement or another bilateral deal to penetrate more deeply into the North American market, according toexperts.
Currently, Vietnam is the third largest garment supplier to Canadawith a market share of about 12%.
In a recent garment and textile exhibition in Canada, the VietnamExport Garment Co., Ltd (VEG) became one of the two Vietnamese businessescapable of producing fabrics that satisfy CPTPP's origin principles.
However, Vietnamese Trade Counselor in Canada Tran Thu Quynhsaid that the rate of CPTPP exploitation through material localisation bydomestic enterprises remains at only about 50%, adding her office is working to guide businesses to make clearer investment andlogistics strategies so as to better utilise the deal.
Canada imports 13-15 billion USD worth of garment and textile products each year.
Executive Director of the Canadian Apparel Federation BobKirke said that regulations on garment and textile export stated in the CPTPP,which were adopted with the engagement of the US, a country that has left thepact, have shown many shortcomings. Therefore, members need bilateralfree trade agreements to deal with this situation, said Kirke, noting thatCanada has signed separate agreements with Chile and New Zealand to eliminatethe material origin principles. Among the ASEAN countries, Canada currently has reacheda similar agreement with Indonesia, he added.
Kirke held that the garment and textile industry of Vietnamand Canada should coordinate more closely to advise the two governments toreconsider the pact carefully to ensure benefits for both sides, or considerthe signing of their own free trade deal, thus increasing the competitivenessof Vietnamese garment and textile products./.
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Vietnam is the third largest garment supplier to Canada with a market share of about 12%. Illustrative image (Source: VNA) 
