Prime Minister, Mark Carney, concluded a visit to Abu Dhabi, United Arab Emirates (UAE) last week, where he deepened the trade relationship.

During the visit, Prime Minister Carney and the President of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan announced that Canada and the UAE launched negotiations toward a Comprehensive Economic Partnership Agreement (CEPA).

A CEPA will cut tariffs, eliminate red tape, and expand market access for Canadian exporters of goods and services. With a $700 billion economy and one of the world's fastest-growing logistics hubs, the UAE offers vast opportunity for Canadian sectors such as engineering, aerospace, agri-food, and seafood. A CEPA will also facilitate greater collaboration in the digital sectors.

Canada's similar agreements with the Republic of Korea and Chile doubled trade within a decade, and these new agreements have the potential to double Canada-UAE trade from $3.4 billion to $7 billion in the next decade.

Link: Canada-United Arab Emirates relations

   

 

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