Canada and the United Arab Emirates have signed a comprehensive trade deal to lower barriers between the economies and boost investment, the governments have said. The deal comes as Canadian Prime Minister Mark Carney seeks to expand trade and investment ties amid tension with the United States. Carney and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan presided over the signing of the Comprehensive Economic Partnership Agreement (CEPA) on Tuesday, which aims to cut tariffs, reduce red tape and improve market access for businesses in both countries.
Carney has pledged to double Ottawa’s non-US trade over the next decade as US President Donald Trump’s tariffs have rippled through Canada’s economy. Subsequent attempts to reach a deal with Washington have broken down, which has pushed Carney to aggressively pursue trade pacts with countries from the Asia Pacific to Europe and the Middle East. The two countries also signed preliminary agreements on energy, diplomatic and defence cooperation.
He signed the CEPA deal with his Canadian counterpart, Maninder Sidhu. The UAE is the largest Middle East market for Canadian exports and a major buyer of Canadian motor vehicles and parts, and machinery. Two-way trade between the countries was worth 3.5 billion Canadian dollars ($2.48bn) last year.
It has been growing at 10 percent annually for the last few years, according to government data. The UAE also committed up to $50bn in investment in Canada last year.
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