Canada and UAE Finalize Landmark Trade Deal to Diversify Global Markets
Canada and the UAE have signed a historic Comprehensive Economic Partnership Agreement to slash trade barriers and boost investment in a record 47 days.
POLICY WIRE — Toronto, Canada — Canada and the United Arab Emirates officially entered into a comprehensive trade agreement on October 27, marking a significant effort to reduce economic barriers and stimulate mutual investment.
The newly signed Canada-UAE Comprehensive Economic Partnership Agreement (CEPA) was finalized following a rapid 47-day negotiation period. This timeline represents the fastest free trade agreement ever secured by either nation.
The deal was formalized during a visit to Ottawa by the Crown Prince of Abu Dhabi, where both countries also signed the Canada-UAE Foreign Investment Promotion and Protection Agreement (FIPA). Prime Minister Mark Carney and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the signing ceremony.
Minister of International Trade Maninder Sidhu and UAE Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi gathered in Toronto to celebrate the conclusion of these talks. The partnership is designed to help Ottawa diversify its trade portfolio beyond its traditional reliance on the United States.
According to Prime Minister Carney, the agreement is expected to eliminate tariffs, create new prospects for Canadian workers, and provide domestic businesses with enhanced access to the UAE’s $700 billion economy.
Reporting by Policy-Wire (PW)
