UAE and Canada Seal Record-Breaking Economic Partnership

The UAE and Canada have concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in their bilateral economic relationship. The agreement, announced during Dr. Thani bin Ahmed Al Zeyoudi's visit to Canada, is the fastest achieved under the UAE's CEPA program since its launch in September 2021.

The CEPA aims to enhance the already substantial trade between the two countries, which reached approximately US$4.2 billion in 2022, reflecting a growth of 21 per cent compared to the previous year. Upon ratification and entry into force, the agreement will cut tariffs, eliminate bureaucratic hurdles, and expand market access for businesses in both countries.

The UAE's CEPA program has successfully secured agreements with 38 countries since its launch in September 2021, fostering greater access to global markets and increasing trade and investment flows with high-growth economies. The country is making significant strides towards its goal of doubling the size of its economy to over US$800 billion by 2031.