- The CEPA aims to double two-way trade from CA$3.4 billion to CA$7 billion within a decade and will promote services in sectors like engineering and environmental services.
- The agreement was signed by Canadian Prime Minister Mark Carney and Abu Dhabi's Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan during the Crown Prince’s first visit to Ottawa.
- Additionally, the two countries signed a defense cooperation agreement and a memorandum on diplomatic training, while negotiations for an extradition treaty and mutual legal assistance treaty are set to begin.
RIYADH: Canada and the UAE have signed a Comprehensive Economic Partnership Agreement following a record 47-day negotiation.
Once fully implemented, the CEPA will cut or eliminate tariffs on more than 99 percent of current Canadian exports to the UAE.
The agreement is expected to enter into force in 2027 and farmers, machinery and power equipment manufacturers, and aerospace firms from the North American country are among those expected to benefit.
The deal was signed by Canadian Prime Minister Mark Carney and Abu Dhabi’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan during his first visit to Ottawa, marking a significant step in ties between the two countries.
The visit follows Carney’s trip to the UAE in November, when the UAE announced a 70 billion Canadian dollar ($50 billion) investment commitment to Canada and the two sides signed a foreign investment protection agreement.
“In less than a year, we have put an investment protection agreement in force, negotiated and signed a trade agreement in record time, and turned a historic $70 billion commitment into real investments in Canadian energy, infrastructure, and technology,” Carney said.
CEPA to double trade
Canada’s trade minister, Maninder Sidhu, said the CEPA would double two-way trade from CA$3.4 billion to CA$7 billion over the next decade.
The deal also addresses non-tariff barriers and widens market access for services in sectors including engineering and environmental services.
Defence and diplomacy
The two countries also signed an agreement on defence cooperation, modernizing their existing arrangement. Global Affairs Canada and the Anwar Gargash Diplomatic Academy signed a separate memorandum on diplomatic training.
Canada and the UAE will also begin negotiations on an extradition treaty and a mutual legal assistance treaty.
CA$21.1 billion in talks
On the sidelines of the visit, Emirati companies announced negotiating trade and investment deals worth up to CA$21.1 billion with Canadian counterparts.
The talks covered mining, logistics, energy, and investment in sovereign wealth funds.
Commercial deals announced during the visit included a DP World memorandum with Arctic Gateway Group and CentrePort Canada to develop a transport corridor, an energy cooperation deal between Masdar and Natural Resources Canada, and an agreement between Invest in Canada and the Abu Dhabi Chamber of Commerce and Industry to share information and connect members.
