United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan and Canadian Prime Minister Mark Carney announced in a phone call that negotiations on the Comprehensive Economic Partnership Agreement between the two countries had been successfully concluded.
According to a statement from the Canadian Prime Minister’s Office, this agreement was the “fastest” negotiated deal in the two countries’ history. The statement noted that this reflected the “focus, determination, and commitment” the parties have shown to bilateral relations.
The UAE is Canada’s largest export market in the Middle East. Bilateral trade between the two countries is growing at 10 percent annually.
The agreement aims to lower tariffs, create new opportunities for Canadian workers, and provide Canadian companies with greater access to the UAE’s $700 billion economy.
Carney and bin Zayed also agreed to deepen commercial ties in energy, critical minerals, infrastructure, technology, development assistance, and artificial intelligence.
The leaders also addressed ongoing tensions in the Middle East and emphasized joint efforts to establish stability, security, and lasting peace in the region. It was noted that the two leaders decided to maintain close contact.