Canada-UAE Trade Talks Conclude as Ottawa Seeks New Markets
Canada and the United Arab Emirates have concluded trade negotiations, paving the way for an agreement that would help Ottawa diversify its trade beyond the US. The Comprehensive Economic Partnership Agreement would cut tariffs, reduce red tape, and increase Canadian companies' access to the UAE market.
The deal would cover sectors such as engineering, aerospace, agri-food, clean technology, and more, according to Canadian Trade Minister Maninder Sidhu. 'For far too long, Canada has put too many eggs in one basket,' he said, referring to its dependence on the US.
Two-way trade between Canada and the UAE was worth $3.5 billion last year, growing at 10% annually for the past few years. The UAE is a significant market for Canadian motor vehicles and parts, as well as machinery.
The agreement would also facilitate investment from the UAE in Canada. Thani bin Ahmed Al Zeyoudi, the UAE's foreign trade minister, said 'This year has shown that trade is essential for the global economy when it is transparent and stable.'